Dairy prices hit six-year low on slump in demand

Wellington

INTERNATIONAL dairy prices fell to their lowest in nearly six years due to an ongoing slump in demand from major importers including China, although losses in milk powder prices eased after hefty losses seen in past months.

The benchmark GlobalDairyTrade (GDT) price index fell 1.3 per cent at fortnightly auctions held on Tuesday by New Zealand dairy exporter Fonterra, posting its seventh consecutive slide and taking average selling prices to US$2,409 per tonne, their weakest since August 2009.