April 1 (Reuters) - International milk prices dropped in a fourth consecutive bi-monthly auction held by New Zealand’s Fonterra Co-operative Group, the world’s biggest dairy exporter, while volumes rose.
Fonterra’s GDT Price Index, formerly the Global Dairy Trade-Trade Weighted Index, dropped 8.9 percent, with an average selling price of $4,124 per tonne, in the auction held on Tuesday.
The decline followed a 5.2 percent fall at the previous sale, said Fonterra, which is known for brands such as Anchor, Anlene and Fresh n’ Fruity.
A total of 39,653 tonnes was sold at the latest auction, an increase of 1.7 percent from the previous one, the cooperative said on its website (www.globaldairytrade.info).
The auctions are held twice a month, with the next one scheduled for April 15.
The auction results can affect the New Zealand dollar as the dairy sector generates more than 7 percent of the nation’s gross domestic product.
The New Zealand milk co-operative, which is owned by about 10,500 farmers, controls nearly a third of the world dairy trade. (Reporting by NR Sethuraman in Bangalore; editing by Jane Baird)