IRCo's DCP shed US 11.75 cents per kilogram during the week under review as disappointing economic data dampened sentiments and depressed prices both on the futures and physical markets.
Whilst fundamentals were still strong, Chinese buyers especially were on the sidelines for lower prices with expectation of increasing supply with improvement in the weather in the major producing regions despite stocks and inventories at low levels.
With concerns that negative economic indicators would stall the world economic recovery, equity markets slipped across the board and crude oil futures dropped by more than US $6.00 per barrel. Regional currencies weakened against the US dollar but the Japanese yen remained strong.
(irco.biz)
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