Prices of dairy products rose in Fonterra's latest GlobalDairyTrade auction, the third straight increase since a drop in early December.
Led by whole milk powder and anhydrous milk fat, the GDT-TWI Price Index rose 1.1 percent compared to the last sale two weeks ago.
The average winning price rose to US$3,442 ($4,099) a metric tonne.
Whole milk powder, the biggest product by volume, was up to 2.8 percent on the average of all contracts offered to US$3,288 ($3,916) a tonne and anhydrous milk fat rose 2.4 percent to US$3,253 ($3,874) a tonne.
The sale comes ahead of next Monday's debut inclusion of the Fonterra Shareholders' Fund in the NZX 50 Index. The units have been climbing in anticipation of that event, up from $7.31 to $7.49 since last week's announcement, closing on Wednesday at a new record of $7.49.
Thursday's update on global pricing of Fonterra's products may be reflected in the units when they resume trading on the NZX and ASX.
The total volume sold in Thursday's auction was 40,418 tonnes from 45,252 tonnes a fortnight ago.
There were significant falls in prices for butter milk powder, down 6.5 percent to US$3,405 ($4,055) per tonne, and milk protein concentrate, down two percent to US$5,995 ($7,139) per tonne.