Global dairy prices have snapped a sequence of falls on Fonterra's latest online auction, led by gains in whole milk and skim milk powder.
The Global Dairy Trade-Weighted Index rose 1.7% to an average selling price of $US3540 per metric tonne at Wednesday morning's auction.
Prices had fallen at the last nine eight auctions.
However, other dairy commodity prices continued to fall. Anhydrous milkfat was down by another another 1.7%.
ASB chief economist Nick Tuffley says prices have held up remarkably well, despite slowing global growth and financial turmoil.
Fonterra paid farmers $8.25 per kg of milk solids last season and is forecasting $7.15 - $7.25 per kg this season.
A European based dairy trading platform will start weekly auctions in November. At the initial auction, the only product on offer will be foil ripened Gouda.
Cheddar, skim milk powder and skim whey powder are expected to be offered at a later date.