The Global Dairy Trade (GDT) index has recorded a slight bounce in its latest trading event today (Tuesday, May 19) for the second increase in a row.

The index has increased by 0.6%, for an average price of €3,604/t.

This leaves the index figure at 1,221, an increase from 1,214 after the last GDT event two weeks ago.

12,972t of product was sold at today's event, with 154 bidders participating.

87 winning bidders emerged across 15 bidding rounds, with the event lasting for two hours and 26 minutes.

In terms of individual product sub-indices, there were an increase in the butter index by 2.5%, for a price of €4,871/t.

Mozzarella also increased, by 2.9%, for a price of €3,543/t.

Increases were also recorded for whole milk powder (up 1.2%), lactose (up 0.5%) and skim milk powder (up to 0.2%).

Prices for these products sat at €3,238/t, €1,313/t and €3,049/t respectively.

Cheddar, however, saw a decrease of 1.3%, for a price of €3,915/t, while anhydrous milk fat decreased by 1.6% for a price of €5,446/t.

No data was recorded for butter milk powder at this GDT event.

Change in Irish dairy sector

This week saw a big change in the Irish dairy sector, with the unveiling of Kinisla, the new name of Kerry Dairy Ireland.

Pat Murphy, chief executive of Kinisla, said that "Kinisla is a business of scale, momentum and substance".

"We are very confident that we will grow and develop this business in a way that will be hugely rewarding for our farmers and indeed all our stakeholders.

The company announced an investment of €300 million in the next five years and the creation of 100 jobs.

Murphy said the €300 million investment will focus on innovation, and where the company thinks it can add value to the milk it gets from suppliers.

In particular, this will focus on the company's dairy consumer foods and nutritional ingredients businesses, the chief executive said.