June 18, 2013 / 2:51 PM / in 5 years

Dairy prices rise, volumes fall at auction - NZ's Fonterra

June 18 (Reuters) - International milk prices rose for the first time in two months, while volumes fell in the latest auction held by New Zealand’s Fonterra Co-operative Group , the world’s biggest dairy exporter.

Fonterra’s Global Dairy Trade-Trade Weighted Index, which covers a range of 30 products and contract periods, rose 1.1 percent, with an average selling price of $4,598 per tonne, in the auction held on Tuesday.

The rise followed a 5.3 percent drop in the previous sale, said Fonterra, which is known for brands such as Anchor, Anlene and Fresh n’ Fruity.

A total of 23,674 tonnes was sold, falling 2.4 percent on the previous auction, the co-operative said on its website (www.globaldairytrade.info).

The auctions are held twice a month with the next one due on July 2.

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 one-quarter of the world dairy trade. (Reporting by Ratul Ray Chaudhuri in Bangalore; Editing by Anthony Barker)

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