The GDT index recorded a 1.3% gain at Tuesday’s auction in New Zealand.

With just over 21,270t of product sold at this week’s event, the GDT recorded its second positive result of the new year. The price of milk powder, the main commodity traded on the GDT, was relatively stable at this week’s auction.

Skimmed milk powder prices were flat at just over $2,600/t, while the average price of whole milk powder (WMP) increased 1% to slightly over $3,300/t. WMP prices have settled around this mark in the last month having traded above $3,500/t in early December.

Results from the GDT auction on 7 February

There was strong demand for butter and anhydrous milk fat at this week’s GDT auction, with average prices increasing by 5% and 4%, respectively.

In contrast, butter milk powder prices fell by almost 8%, while cheddar prices were down 4% to just under $3,800/t.

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Milk powder futures fall ahead of this week’s GDT auction