GDT 401 confirms downturn in the market

Event 401 recorded a decline of -3.4%, marking the first decrease after six consecutive increases. In the lead-up to Event 401, the market had already shown bearish signals, which were confirmed by the auction outcome. However, the result was less negative than anticipated based on SGX futures for the “all contracts” and “C2” positions, which had indicated a decline of -5.45%. The relatively better outcome was mainly driven by whole milk powder (WMP), which declined less than expected by the futures market. The average winning price closed at $4,228 per ton, representing a -2.4% decrease compared to Event 400.