Milk powder prices continue to plummet as other commodities firm

The average price of wholesale milk powder at the auction fell to US$2,017 per tonne, more than 50% lower than when the online auctions began in July. Dairy products accounted for 22% of New Zealand's NZ$42.5 billion of exports in the 12 months ended October 31. The value of dairy shipments rose NZ$123 million to NZ$9.4 billion.

Australian farmers have criticised Fonterra over its online auction system, claiming it's helping to drive down the price of milk.

The prices of other raw materials have been firming in the new year, with the Reuters/Jeffries CRD Index, a measure of 19 different raw materials, increasing 2.3% as supply for oil is threatened by the ongoing tensions in the Gaza Strip and U.S.

President-elect Barack Obama's investment into infrastructure increases demand for industrial metals like tin and nickel.

(Businesswire.co.nz)

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