The weight of WMP in the product mix shaved 0.5% off the index at event #375, despite generally positive price movements. 

The average SMP price declined 0.4% to US$2,744/t with mixed prices across contract periods. China and SE Asian buyers backed off as European buyers led the buying. WMP weakened in line with last week’s Pulse, with prices down 2.2% to average US$4,061/t. Chinese involvement and the tonnage sold both fell with the smaller volumes on offer.

Fats were mixed with butter averaging US$7,577/t, 2.7% higher. Butter prices have steadily increased each event since the last event of 2024. AMF prices were mixed across contracts to be a little weaker on average, down 0.6% to US$6,681/t.

Cheddar continued its bumpy ride, lifting 1.1% on average above US$4,900/t. Mozzarella was firmer in line with the firming EU market up 7.8% to US$4,477/t. while lactose jumped a stunning 14% to US$1,158/t—the highest price achieved on the platform since Jan-23.