Dairy product prices gained for a second consecutive trading in the past nine Global Dairy Trade (GDT) auctions on Wednesday.
The GDT price index advanced 2 percent from the previous auction two weeks ago. The average price was 3,303 U.S. dollars per tonne, compared with 3,255 dollars two weeks ago. 37,345 tonnes of product were sold, increased from 34,410 tonnes, compared two weeks ago.
Whole milk powder climbed 1.9 percent to 3,133 dollars per tonne.
“Strengthening prices seems linked to fewer volumes sold, compared with the previous event,” New Zealand stock market dairy analysts Robert Gibson highlighted.
At the latest GDT auction, rennet casein dipped 0.1 percent to 6,636 dollars per tonne, while lactose increased 5.6 percent to 770 dollars per tonne.
Anhydrous milk fat added 0.6 percent to 5,030 dollars a tonne, and butter jumped 2.7 percent to 4,129 dollars a tonne.
Meanwhile, cheddar rose 0.4 percent to 3,846 dollars a tonne.
Skim milk powder increased 3.4 percent to 2,599 dollars a tonne.
“Different from the market expectations, skim milk powder prices also increased at this event,” according to Gibson and Castleton.
Price of butter milk powder and sweet whey powder was not available at the latest auction.