July 3, 2019 / 1:04 AM / 15 days ago

CORRECTED-Dairy prices fall, volumes increase at auction -GDT Events

(Removes company names in paragraph 10 as they no longer use the platform)

WELLINGTON, July 3 (Reuters) - July 2 (Reuters) - International milk prices fell while volumes increasedin this month’s first Global Dairy Trade auction held by GDT Events.

The GDT Price Index dipped 0.4 percent, with an average selling price of $3,302 per tonne, in the auction held on Tuesday.

The index fell 3.8 pct at the previous sale, according to GDT Events.

A total of 24,711 tonnes was sold at the latest auction, an increase of 1.9 percent from the previous one, the auction platform said on its website (www.globaldairytrade.info).

The auctions are held twice a month, with the next one scheduled for July 16.

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.

GDT Events is owned by New Zealand’s Fonterra Co-operative Group Ltd, but operates independently from the dairy giant.

U.S.-listed CRA International Inc is the trading manager for the twice-monthly Global Dairy Trade auction.

A number of companies use the platform to sell milk powder and other dairy products. (Bangalore Commodities desk) (Reporting by Praveen Menon)

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