GDT drops on weak demand

by | Oct 5, 2022 | GDT, Global

All commodities were weaker in GDT event 317 as demand was well below average across the board as offer volumes increased. The GDT index fell 3.5% with hefty falls for WMP and butter, while SMP was again marginally lower.

SMP drifted lower again and lost US$50/t on average to US$3,497/t with some diverse details within that outcome. Fonterra MH C2 fell US$65/t to US$3,470/t, while there was a heavier fall for EU product which left Fonterra’s at a small premium. WMP dropped 4.3% or US$160/t on average to US$3,573/t. Fonterra Regular C2 lost 4.2% or US$155/t to US$3,515/t, as Chinese buyers lifted volumes purchased but there was insufficient demand to prevent a moderate fall.

Fats were weaker, butter faring worst again. Butter dropped a hefty 7% or US$373/t on average to US$4,983/t. C2 lost US$385/t to US$4,960/t. AMF fell 1.5% on average to US$5,811/t. C2 lost US$144/t to US$5,834/t.

Cheddar dropped 3.5% or US$181/t on average to US$4,966/t. NZ young cheddar C2 fell US$185/t to US$4,925/t.