WELLINGTON, June 19 (Xinhua) -- Dairy product prices continued to drop for a third consecutive trading at the Global Dairy Trade (GDT) auction on Wednesday, thank to increased supply.
The GDT price index fell 3.8 percent from the previous auction two weeks ago. The average price was 3,208 U.S. dollars per tonne, compared with 3,423 dollars two weeks ago.
24,239 tonnes of product was sold, up 22 percent from 19,874 tonnes two weeks ago.
Whole milk powder dropped 4.3 percent to 3,006 dollars per tonne.
"This is the sixth consecutive decrease in the whole milk powder price index, with price levels decreasing significantly across all contracts, particularly for July (-4.7 percent) and August (-5.3 percent)," New Zealand stock market dairy analyst Robert Gibson said.
At the latest GDT auction, price declines in all commodities except Rennet Casein, which saw its price increased 2.3 percent to 7,494 dollars.
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