Dairy index up 4.5%

Fonterra's global dairy-trade weighted index increased 4.5% in yesterday's internet auction, boosted by a rise in skim-milk powder prices.

Average whole-milk powder prices fell 0.3% from the previous auction two weeks ago. The average selling price for whole-milk powder was $US3780 a metric tonne.

The latest result came after figures released by Statistics New Zealand showed the country's terms of trade - a gauge of purchasing power - reached a 37-year high in the first quarter, helped by higher prices for dairy, meat and forestry products.

 

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