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The rise in global dairy prices could be partially attributed to demand from China, says Westpac market strategist Imre Speizer.
The 2.7% jump in last week’s Global Dairy Trade overall price index – with a 3.6% bounce in whole milk powder – was a surprise, economists agree.
Banks are mainly holding firm on their forecasts of $7/kgMS despite last week’s flat Global Dairy Trade result – a small decline of 0.4% in the overall price index.
Was last week’s 3.4% drop in the Global Dairy Trade overall price index a warning sign or a temporary dip? Economists are divided.
Softer whole milk powder (WMP) prices are not surprising given China’s strong import activity recently and the steadily increasing WMP pricing, says Rabobank dairy analyst Emma Higgins.
After eleven consecutive rises, the Global Dairy Trade (GDT) price index dropped in the overnight auction.