GDT crashes a further 5%

Another big fall in this weeks GDT auction of 5% comes on the back of an identical 5% fall only two weeks ago and makes a total of 9 falls out of the past 10 auctions and its not looking great for the global commodity markets.

The average Auction price was US $3913 tonne down 5% from the $4166 clocked up only two weeks ago.

The number of participating and winning bidders were up by 12 to those seen in the previous auction with 161 participating bidders (149 on the 19th July) and 120 winning bidders (109 on the 19th July).

 

The tonnage actually sold was significantly up to 27,500 compared to 23,219 sold on the 19th July

so more buyers, more tonnage but lower prices.

 

All products recorded price drops

                SMP down 5.3% to average US $3524 tonne

                WMP down 6.1% to average US $3544 tonne

                Butter down 6.1% to average US $5194 tonne

                Cheddar down 0.7% to average US $4798 tonne