International milk prices and volumes rose in this month’s second Global Dairy Trade (GDT) auction on Tuesday.

The GDT Price Index rose 2.4% from the auction on Nov. 1, with an average selling price of $3,623 per tonne. The index lost 3.9% at the previous sale, according to GDT Events that holds the auctions.

A total of 28,980 tonnes of dairy products were sold at the latest auction, up about 0.4% from the previous sale, the auction platform said on its website.

The auction results could affect the New Zealand dollar NZD= as the dairy sector generates more than 7% 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 FCG.NZ, but operates independently from the dairy giant.

U.S.-listed CRA International Inc CRAI.O is the trading manager for the Global Dairy Trade auction, held twice a month, with the next one scheduled for Dec. 6.

Source : Reuters 15th Nov 2022 (Reporting by Kavya Guduru in Bengaluru)