RPT-UPDATE 1-Dairy prices rise, volumes drop at auction-NZ's Fonterra
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Dec 17 (Reuters) - International milk prices rose for the third time in a row while volumes fell in the latest auction held by New Zealand's Fonterra Co-operative Group, the world's biggest dairy exporter.
Fonterra's GDT Price Index, formerly the Global Dairy Trade-Trade Weighted Index, rose 0.2 percent, with an average selling price of $4,990 per tonne, in the auction held on Tuesday.
The rise followed a 3.9 percent jump in the previous sale, said Fonterra, which is known for brands such as Anchor, Anlene and Fresh n' Fruity.
A total of 47,858 tonnes was sold, falling 7.9 percent on the previous auction, the co-operative said on its website (www.globaldairytrade.info).
The auction results can affect the New Zealand dollar as the dairy sector is a major export earner for the country and generates more than 7 percent of gross domestic product.
The New Zealand milk co-operative, owned by around 10,500 farmers, controls nearly a third of the world dairy trade. (Reporting By Anupam Chatterjee in Bangalore; Editing by David Evans and Dale Hudson)