IRCo's DCP improved 4.65 US cents/kg. during the week under review to move back above the 300.00 US cents/kg. level on strong fundamentals with support from the futures markets which strengthen on technical.
Major buyers, especially from China, were back in the market. Indian buyers, however, were less aggressive having bought sufficient for immediate need and waiting for a lowering of import duties. Erratic weather in Thailand was still holding on to a complete post-wintering recovery in supply whilst in Indonesia, wintering was reported to emerge in Southern Sumatra.
Equity markets in the west were in negative territories as worries about the rate of rebound in the global recovery shifted from Europe to the USA. Crude oil remained above US $ 78 per barrel after shedding about US $ 2 per barrel mid-week. The Thai baht and Malaysian ringgit were steady against the greenback, whilst the Indonesian rupiah broke the 9,000 mark to settle at 8,952 rupiah to the dollar. The Japanese yen closed slightly stronger during a weak week.
(irco.biz)
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