The Ornua Purchase Price Index (PPI) increased again for the month of June as global markets continue to improve at pace, it has been confirmed.

The latest results place the index at 119.9 – up from 116.8 last month – putting June milk supplies at 35.9c/L, Ornua Co-operative Limited has said.

In a statement a spokesperson said: “The Ornua Purchase Price Index for the month of June is 119.9 (35.9cpl, VAT inclusive based on Ornua’s product purchase mix and assumed member processing costs of 7cpl and excluding member margin) and is up from 116.8 in the previous month.

"The increase is driven by generally stronger returns across the product range.

In addition, it stated that, the ‘Ornua Value Payment’ payable to members in the month is €9.67m, which equated to 5.1pc of gross purchases in the month (year to date 5.6pc).

The PPI is a monthly indicator of market returns on dairy products purchased by Ornua (typically butter, cheese, whole milk powder and protein products), relative to comparable returns generated in a base year (2010).