Butter and AMF lead decline at GDT event 402

Event 402 recorded a decline of -2.7%, marking the second decrease following six consecutive increases. In the lead-up to the auction, the market had already shown bearish signals, which were confirmed by this result, particularly in milk fat-based products. The outcome was weaker than indicated by SGX futures for “all contracts” and “C2,” which had suggested a decline of -1.00%. The sharper downturn was mainly driven by Butter and AMF, both of which fell more than the futures market had anticipated. The average winning price closed at $4,143 per ton, representing a -2.7% decrease compared to Event 401.