At the October 27 event #29 SMP sold for Rs138/kg (US$2120/t). This is back 11% from the previous auction where it sold for Rs155/kg (US$2380/t).
The SMP price index from the latest GlobalDairyTrade auction was US$2178/t, falling 4.5% from the previous auction.
Latest quotes from the Milk Market Observatory show SMP from the US is selling for US$2112/t and in the EU quotes are US$2048/t.
Unsalted butter sold for Rs255/kg (US$3920/t) at the latest DTI event falling 2% from two auctions ago when it was last sold. Butter prices around the world are showing big differentials.
The butter price index at the latest GDT event was US$2850/t, which fell 11.1% from the previous auction.
The Milk Market Observatory says latest quotes for butter in the US are US$5268/t where domestic demand is very strong and European butter is quoted at US$3374/t.
The above results for DTI are an ex-works price across all suppliers for products traded/lowest quoted during the event.
The next DTI dairy commodity e-auction will be on November 10, 2015 and the DTI milk e-auction will be on October 28, 2015.
A recent USDA Gain report says on October 5, 2015, the Government of India increased the ghee (clarified butter), butter, and butter oil applied import tariff from 30 to 40% until March 31, 2016. To date, this applied import tariff increase has not been notified to the World Trade Organisation.
