There's been an upswing in dairy prices overnight.

But Andrew Kelleher of JMIS said the Global Dairy Trade result is still bouncing on the bottom.

LISTEN ABOVE: Andrew Kelleher speaks to Mike Hosking

The auction has seen an overall 2.1 percent rise in prices, and a 1.5 percent increase in whole milk powder.

Andrew Kelleher said the Global Dairy Trade is building a base.

"We need to see a demand revival from China, for the record we did get some good results from anhydrous milk fat from cheddar, but that important whole milk price still only at $2013 a ton, still well below where it needs to be."