The GDT price index posted the fourth consecutive increase at event #342, rising 4.3%. Once again, the improvement wasn’t just about China as south-east Asian and Middle Eastern buyers helped – especially for WMP.
WMP prices lifted 4.2% to average US$3,059/t following the encouraging Pulse result last week. Chinese involvement was lower than event #341, with SE Asia and Middle East again stepping in with strong volumes. Demand for SMP was also a little weaker than for the previous event, but both Chinese and SE Asian buying was stronger and tonnages better than event #341. The average price increased 3.9% to US$2,659/t.
For the fourth time in a row, AMF was the more favoured of the fats, with the average winning price up 6.6% to US$5,310/t on strong purchasing from China and south-east Asia. Butter increased 2.8% to average US$4,940/t. Cheddar wasn’t as positive, in fact early contract periods were down compared to the prior event, the overall price edged 0.1% higher to average US$3,858/t.