Powders eased further at this week’s Pulse event with another correction for SMP and WMP.

The NZ regular WMP C2 price settled at US$3,485/t, -0.4% lower than last week’s Pulse event. Instant WMP was flat, settling at US$3,595/t. SMP prices declined. NZ Medium Heat C2 settled at US$3,045/t, US$180/t lower than the previous Pulse price and Arla’s MH SMP C2 declined US$85/t from the prior Pulse to settle at US$3,075/t — selling at a premium to NZ origin for the first time since August 2025.

Fats were also softer with declines for both AMF and butter.