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A total of 42,444t of dairy goods were traded at Tuesday's auction, which saw the first fall in prices in five auctions.
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A decrease in prices were seen right across the board at Tuesday's auction.
It is the second consecutive rise in prices at the Global Dairy Trade.
Some buyers remain cautious, aware that it will take time for the global milk supply to decrease, Ornua said.
Dairy product prices in Europe have picked up this week, as the market re-balances after months of declines.
Dairy prices may have bottomed out, but markets are unlikely to bounce back in the short term, according to UK analyst Nick Holt-Martyn.
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Dairy prices seem to have stopped falling, which is the first requirement for a recovery, writes Aidan Brennan.
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