Dairy prices in the latest Global Dairy Trade auction rose 3.6 percent overnight.
The increase comes after four consecutive drops.
The average price for commodities at the auction was US$3092 per metric tonne (MT), up from US$2955/MT in the last auction two weeks ago.
Prices for skim milk powder were up 8.4 percent to US$2889/MT, cheddar rose 7.2 percent to US$3674/MT, whole milk powder was up 3.2 percent to US$2985/MT and anhydrous milk fat rose 2 percent to US$3910/MT.
Prices for lactose fell 2.7 percent to $US1277/MT and butter was down 1.4 percent to US$3282.
ASB said the "encouraging lift" in overall prices was "pleasing to see".
"The total volumes of product sold at the last three actions have been down around 10 percent on year-ago levels," said ASB's Chris Tennent-Brown on Wednesday.
"However, with good spring weather and data showing production is up on last year, we don’t think buyers will be too worried about availability of product from New Zealand over the coming months. With that in mind, the WMP [whole milk powder] prices achieved overnight are encouraging."
A total of 33,791 metric tonnes of product was sold at the auction.
The auction comes ahead of Fonterra's announcement on Friday of its final Farmgate Milk Price for the 2019/2020 season.