MARKET OPEN: Massive jump in dairy prices may shore up kiwi

Wed, 08 Jul 2020

A massive jump in global dairy prices will likely shore up the New Zealand dollar, although the share market may take a breather after a muted day on Wall Street. Dairy commodity prices soared 8.3 percent in the overnight Global Dairy Trade auction, boosted by a 14 percent gain in whole milk powder prices. Prices lifted for all commodities except anhydrous milkfat and it was the biggest increase for the index since November 2016. “Market participants were not expecting such a strong lift. The average WMP price is now back to the level...

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