Scoop has an Ethical Paywall
Globaldairytrade Event Reflects World Slowdown
Media Release
4 February 2009
Latest Globaldairytrade Event Reflects World Slowdown
The February trading event for Fonterra’s internet-based sales platform, globalDairyTrade, concluded at 3.25 am this morning (NZT), with the results reflecting the pressure global commodity markets are under because of the worldwide economic recession.
The trading manager, CRA International, advised Fonterra that the average price achieved across all products and contract periods for Whole Milk Powder (WMP) was US$1,851 per tonne FAS New Zealand Port. This was 8.2 per cent lower than for the previous trading event in January. Prices ranged from US$1,810 per tonne FAS to US$1,935 per tonne FAS.
“Prices should be very attractive to buyers at these levels, and they are not sustainable for global suppliers,” said Kelvin Wickham, Fonterra’s Managing Director of Global Trade. “Prices remain under pressure due to weak demand. However supply is slowing, inventories are running down and we believe we are in the trough of the market.”
The next globalDairyTrade trading event will be held on 3 March 2009. See www.globaldairytrade.info for more details.
ENDS
Great Journeys New Zealand: Scenic Plus Winter Menu Launched
Tourism New Zealand: Tourism New Zealand Invites The World To Find Their 100% Pure New Zealand In New Global Campaign
Bill Bennett: Comcom warns 2degrees over satellite marketing
Transpower: Major Electricity Development For Western Bay Of Plenty A Step Closer
Alcohol Beverages Council: Turning The Tide - New Zealanders Unite To Curb Harmful Drinking
University of Auckland Business School: Economists Urge Action To Prevent ‘AI Poverty Traps’
