A spoonful of milk powder© Food and Drink/REX/Shutterstock

The Global Dairy Trade (GDT), an indicator of dairy market sentiment, reversed falls at the previous two auctions, rising 0.6%.

The auction closed on an average price of US$3,517/t (£2,843), 46.7% up on the same auction 12 months ago but 29.5% down on the highs of mid-January 2014.

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Whole milk powder (WMP), the most widely traded commodity at the auction, recovered from a major 7.7% fall two weeks ago, dropping hardly moving at -0.1%.

The second most traded commodity, skimmed milk powder also experienced a minor drop of 1.6%.

An greater auction index rise was prevented from a large drop in buttermilk powder, down 10.1% and a 1.7% fall in the price of lactose.

Analysts are forecasting auction prices will keep rising as New Zealand WMP continues its slump.