Fonterra continued to witness a decline in the average selling price for skim and whole milk powder during its latest auction event, the second fall in prices in two months.

The New Zealand dairy giant said prices fell 3.6% during its Internet-based auction this month. The average selling price for whole milk powder was US$3,790 a metric tonne, compared with US$3,932 a ton for May, the company revealed.

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Meanwhile, skim milk powder prices fell more sharply, falling 6.2% to $3462 a metric tonne.

Nevertheless, the world’s largest exporter of dairy products said the market remained relatively stable compared to the decline in prices witnessed last year.

Paul Grave, globalDairyTrade manager, said the market continued to be relatively stable with supply factors the primary driver of market sentiment.

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