For the sixth successive Global Dairy Trade (GDT) auction, dairy product price have seen an increase. The auction which took place on Tuesday afternoon, saw prices rise of 1.1%. This latest increase comes off the back of a 10.1% price increase two weeks ago and a 9.4% increase a month ago.

Cheddar had the biggest increase up 10.8% to $3,377/tonne. Butter prices rose by 6.8% to $2,681/tonne while skim milk powder rose by 5.9% to stand at $2,935/tonne.

However, the most important product for New Zealand, whole milk powder (WMP) fell by 1% after seeing a 13.7% increase in prices two weeks ago. The price for WMP now stands at $3,241/tonne.

The GDT index now stands at 965 which is broadly on par with the GDT index from 15 July 2014.

There were a total of 160 participants at the auction with 22,094 metric tonnes of product was traded.