The GDT price index rose 1.2% because WMP prices increased by 4.1%.
Whole milk powder prices around US$4000 a tonne in the first Global Dairy Trade auction for December underpin the $10 farm gate milk price forecasts, analysts say.
WMP sales have the biggest influence among reference products to set the Fonterra milk price, currently forecast to be in the range $9 to $10.
Most commentators with their own milk price computer models are predicting $10 or higher.
NZX dairy analyst Rosalind Crickett said Oceania WMP prices around US$4000 support a farm gate milk price forecast of $10.
The GDT price index rose 1.2% because WMP prices increased by 4.1%.
China bought 58% of the WMP offered, compared with 34% at this time last year.set
The prices for milkfat products fell compared with November auctions but are still at historically high levels.
Butter was down 5.2% and anhydrous milkfat down 0.5%.
Cheddar prices fell 3.2% and mozzarella was down 4,5%.
“Overall, quieter markets can be expected at this time of the year, with buyers reassessing stock levels as 2024 wraps up,” Crickett said.
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