UPDATE 1-Dairy prices rise and volumes drop at auction -GDT Events
(Adds detail on volume sold and background in paragraphs 3-5)
Sept 19 (Reuters) - International milk prices rose while volumes dropped in this month's second Global Dairy Trade (GDT) auction on Tuesday.
The GDT Price Index was up 4.6%, with an average selling price of $2,957 per metric ton. The index rose 2.7% at the previous auction held on Sept. 5, with an average selling price of $2,888, according to GDT Events.
A total of 37,366 tons of dairy products were sold at the latest auction, down about 1% from the previous sale, the auction platform said.
The auction results could affect the New Zealand dollar 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, but operates independently from the dairy giant.
U.S.-listed CRA International Inc is the trading manager for the Global Dairy Trade auction, which is held twice a month, with the next one scheduled for Oct. 3. (Reporting by Rahul Paswan in Bengaluru; Editing by David Goodman and Emelia Sithole-Matarise)
