The GDT Index rose 1.5% at event #403 with limited participation from China and Middle East buyers. Higher powder prices offset falling butter and cheese prices.

Powder prices rose, thanks to SE Asia picking up a larger share of total volume. Fonterra C2 Regular WMP prices lifted 2.1% to US$3,700/t, while Fonterra C2 instant WMP jumped 5.2% to US$3,910/t. Fonterra MH SMP C2 prices climbed 2.7%, with Solarec C2 and Arla C2 rising 4.6% and 2.2%, respectively.

Fonterra butter and AMF prices were split. Butter continued to push towards new lows, with the NZ C2 average price falling 2.5%. The Solarec C2 price declined 1.4%. NZ AMF stepped up, with C2 pricing rising 1.3%. Cheese prices were mixed, with NZ Young Cheddar C2 fell 5.9% to $4,550/MT, while Arla and Solarec C2 Mozzarella rose to US$4,005t/MT and US$3,975/t, respectively.