Overall prices in the Global Dairy Trade auction were up 2.2 percent overnight, the second rise in a row after four consecutive drops.
The average price for commodities was US$3143 per metric tonne (MT), up from US$3092/MT in the previous auction two weeks ago.
The price for butter milk powder saw the biggest rise, up 9.1 percent to US$2569/MT, with butter also rising 8.4 percent to US$3561/MT.
Anhydrous milk fat was up 5.4 percent to US$4131/MT, whole milk powder rose 1.7 percent to US$3041/MT and cheddar increased 0.4 percent to US$3694/MT.
Prices for lactose dropped 7.4 percent to US$1182/MT and skim milk powder was down 0.9 percent to US$2865/MT.
ASB economist Nat Keall said the overall lift was "encouraging".
"Producers will be pleased to see the improvement in prices over the past two events, and so are we," Keall wrote in the bank's weekly commodities report on Wednesday.
Keall said volumes at the trade event were picking up, but were still not as high as the levels seen a year ago.