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.

Image: GDT

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.