Those who returned to the market after the Christmas break found a tentative market where trade was sluggish.
With many colleagues in the UK and Europe staggering a return to work late into this week or into next, it made for quiet trading conditions.
Now it is the January transition period, there was also a reluctance to make first moves in the PRN/PERN market and many trading physical material were waiting to see how this market would play out.
For packaging grades, this meant that there wasn’t much change in values compared to the period before Christmas.
Since the last report on 23 December, the pound has weakened a little against the dollar to $1.18 from $1.21 last time. Against the euro it was trading at €1.13 and had hovered just below or above this since the last report.
Markets were very quiet this week with not much traded at all. In Europe in particular, those who were at work were not too interested in trading, while many were taking an extended break around public holidays.
With no real trading occurring in the PRN/PERN market, packaging grades saw few deals while people waited for this market to come back to life.
As a result of this, prices were largely unchanged from just before Christmas.
There wasn’t a huge amount of trade this week with the market reported as quiet. European buyers were virtually non-existent, while deep sea markets were not too active either.
Partly, this was while the market waited for the PRN/PERN market to come to life so they can get a better steer on where to price packaging grades.
One area of concern is that there are already reports of low arisings for those who were trying to buy or sell, which is unusual following the Christmas period. Partly, this could be down to material delayed by two bank holidays falling on typical collection days after Christmas and one this week. Many traders are worried though that it is an indication of weak supply and demand.
Copper and brass grades had increased by £100 since the last report, but there was no change for others.
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