GDT auction prices turn a corner

After almost 7 months of no upward movement in the average all products auction price this week’s average increased by 2.2% to average US$2819.

The rise took many by surprise and was not only the first rise since May 2018 but it also lifted prices from 2 year lows.  The global market fundamentals are still weak and whilst one swallow doesn’t make a summer it’s a welcome positive sign and the hope will be the upward trend continues for the final GDT auction of 2018 on the 18th December.

All prices increased with the exception of cheddar:

Butter up 2.7% to average US$3745 tonne

WMP up 2.5% to average US$2667 tonne

SMP up 0.3% to average US$1970 tonne

Cheddar down 2.2% to average US$3184 tonne