Prices increased on the Global Dairy Trade auction on Tuesday night for the first time since May.
The price index rose 2.2 per cent to $US2819 a tonne, following seven consecutive falls.
All categories with the exception of cheddar rallied.
But the price rise was most likely due to a falling US dollar and not a reflection of the change in the underlying market.
Butter milk powder was the standout, leaping 16.9pc.
The key whole milk powder index also rose, up 2.5pc to $US2667/tonne.
Prices still have a way to go to build back to levels earlier in the year and are still almost 9pc lower than at the same time last year.
Butter was up 2.7pc, anhydrous milkfat 3.9pc and casein 2pc.
Cheddar fell 2.2pc to US$3184/tonne.
New Zealand ASB senior rural economist Nathan Penny told Stuff the result was a positive, but currency movements were likely to explain most of the price gain.
"The rise is similar to falls in the US currency over the past fortnight," Mr Penny said.
"In particular, the Chinese yuan has lifted, making the USD-priced products cheaper for Chinese buyers."
Mr Penny warned already-strong New Zealand dairy production could further increase.
"Recent favourable weather and growing conditions are likely to translate to strong or even stronger production numbers over summer," he said.
"And remember that October production was already an all-time high."
On that basis, dairy prices were expected to remain soft for the next few months.