The Global Dairy Trade (GDT) index has seen its first increase since June following its most recent auction on 6 September.
After five consecutive downward moves, the fortnightly index saw the overall price index increase by 4.9%.
The main influence was the 5.1% rise in the whole milk powder (WMP) price index, where the majority of trade occurred.
However, all prices moved up at the event, with the exception of buttermilk powder.
Responding, AHDB Dairy analyst Patty Clayton, said the upturn showed a sign that some demand for the final quarter of the year remained unfulfilled.
"The general pattern of higher prices for contracts with delivery in the first quarter of 2023 suggest there may also be some concern over availability after the southern hemisphere’s peak production period."
She explained that global milk supplies had been shrinking since September 2021, and they were not forecast to improve this season.
The latest Rabobank quarterly report highlights there is a weaker outlook for demand for the final quarter of 2022.
However, the lack of milk supply growth and tight product supplies will underpin commodity prices to some extent, the report said.
