New Delhi, February 08, 2019: Dairy product prices rose at the Global Dairy Trade auction, moving higher for the fifth consecutive time.
The GDT price index rallied 6.7 per cent from the previous auction three weeks ago. The average price was US$3,265 a tonne, compared with US$3,057 a tonne three weeks ago. Some 23,326 tonnes of product was sold, down from 27,909 tonnes three weeks ago.
Whole milk powder jumped 8.4 per cent to US$3,027 a tonne.
Offer volumes for whole milk powder were down on the previous event, even though they were up 19 per cent on the previous year, NZX dairy analyst Robert Gibson said in a note.
“Firm demand from Asian countries is likely to have helped to support prices,” according to Gibson according to nzherald.co.nz.
At the latest GDT auction, rennet casein surged 10.9 per cent to US$5,596 a tonne, while anhydrous milk fat climbed 5.8 per cent to US$5,579 a tonne.
Butter rose 4.2 per cent to US$4,445 a tonne, while skim milk powder gained 3.9 per cent to US$2,534 a tonne.
“Skim milk powder offer volumes leading into this event were down on the previous event, but up on the previous year,” Gibson noted.
Cheddar added 1.4 per cent to US$3,565 a tonne, while lactose advanced 1.3 per cent to US$1,035 a tonne.
Bucking the trend, butter milk powder declined, sliding 3.1 per cent to US$3,158 a tonne.