The average Global Dairy Trade (GDT) price index rose by 0.5% according to the latest auction results published today (Tuesday, August 6).
There were a total of 186 bidders in the event which saw 35,965MTof product sold.
The average selling price was €3,356 per metric ton (MT) in the auction, which lasted for more than two and half hours, during which there were 133 winning bidders and 18 bidding rounds.
All prices are converted at a rate of €0.9119 per US$1.
The GDT price index is calculated from the total quantity sold in a trading event across all products, contract periods and sellers.Â
The GDT price index after today’s event number 361, now stands at 1,087 – compared to the previous index figure at 1,081.
GDT
The GDT auction, which is held twice in every month, is closely watched as a good indicator of global demand for core dairy products.
It brings together buyers and sellers of dairy ingredients from 70 countries including Kerry Dairy Ireland which joined GDT Events earlier this year.
At the time Kerry Dairy Ireland chief executive, Pat Murphy, said that joining GDT provided it “with access to a worldwide pool of active buyers”.Â
The price index of lactose recorded the biggest increase at the latest trading event jumping by 16.1% to €846/MT.
The next biggest increase was recorded for mozzarella which increased by 8.4% to €4,177/MT.
The price index of butter milk power also rose by 3.4% to €2,513/MT.
Meanwhile whole milk powder also increased by 2.4% to €2,972/MT while the price index of cheddar rose by 1.3% to €3,898/MT and anhydrous milk fat moved up by 1.2% to €6,303/MT.
However other products did not perform quite as strongly with skim milk powder dropping the most – falling 2.7% back to €2,315/MT while the price index of butter also recorded a 2.4% drop to €5,917/MT.