The Global Dairy Trade (GDT) index has recorded its first increase since June following its latest trading event.
As a result of event 315, which was held yesterday (Tuesday, September 6), the index jumped by 4.9% to 1,185.
Despite the increase, the dairy commodity tracker is still lingering around levels last seen around a year ago.
The index has been on an overall downward trajectory since March 1, when it posted a record high of 1,593.
The previous auction held on Tuesday, August 16, saw a drop of 2.9%, which was the fifth consecutive fall for the index since the trading event on June 7, when there was a 1.5% increase.
The average price at yesterday’s auction was $4,007/MT with 27,127MT of produce sold.
There were 174 bidders, 112 of whom were successful, taking part in 17 rounds of bidding over two hours and 37 minutes.
There was a significant increase of 13.9% in the average price of anhydrous milk fat to $5,677/MT. This followed a drop of 9.8% in the August 16 trading event.
Whole milk powder (WMP) average price also recovered from a decrease in the previous auction, increasing by 5.1% to $3,610/MT.
There was a 3.3% increase in butter price to $5,369/MT, while skim milk powder (SMP) rose by 1.5% to $3,575/MT.
The average price for cheddar was $5,046/MT, an increase of 1%.
However, it was not all smooth sailing as butter milk powder (BMP) dropped by 5.1% to an average price of $3,537/MT.
Sweet whey powder (SWP) and lactose were not offered for sale at the event.
