Milk Powder Slumps to Lowest Since 2009 on China Concern
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Whole-milk powder prices tumbled to their lowest level since 2009 on concern purchases from China, the world’s biggest buyer, may decline as favorable weather boosts global supply.
Powder for June delivery slumped 14 percent to $2,766 a metric ton, the lowest level since Aug. 4, 2009, according to the weighted-average price from Fonterra Cooperative Group Ltd., the world’s largest dairy exporter. The drop, the ninth consecutive decline, was the most since August 2010, it said.