GDT makes marginal gains, up 1.6%

The Global Dairy Trade (GDT) index, an indicator of market sentiment, edged up for a second consecutive auction, rising by 1.6% (4 April).

The index built on a similar increase a fortnight ago, when it rose 1.7%, following two falls where the index price reduced by 9.4%.

The stability of milk powders drove the modest price rise, with whole milk powder (WMP) increasing 2.4% to $2,924/t and skimmed milk powder dropping 0.8% to $1,913/t.

See also: Muller holds milk price as retailer supplement drops

The price of the two most traded commodities, WMP and SMP had plummeted in recent auctions, dropping by 12.4% and 15.5% a month ago (7 March).

The biggest loser at the auction was butter milk powder, which nosedived 12.2% to $1,588.

The auction index sits 4.5% lower than it did at the turn of the year, but remains 54% higher than the same auction 12 months ago.