Milk powder on a spoon© Food and Drink/Rex Shutterstock

World dairy prices have bounced back with a small rise after three drops running on the Global Dairy Trade (GDT) commodity auction.

The GDT price index rose 3.6% at the 1 December sale, with the weighted average price hitting USD2,419/t (£1,605/t).

Key products whole and skim milk powder saw small improvements, along with butter and anhydrous milk fat.

But prices for cheddar, rennet casein and butter milk powder slipped back. 

See also: Key dairy exporters see fall in milk production

The tonnage sold was down 6% from the previous fortnightly sale, which will have given some support to the market.

This time last year, prices on the GDT were only just above this week’s levels, at $2,513/t (£1,667/t).

But returns remain more than 51% on where they were in December 2013.