This seemed like a week when those who were trading took stock and looked ahead to where they think the market will be in a few weeks.
With many off this week after Easter, and some contemplating holidays next week when people are allowed UK overnight stays, trading volumes were smaller.
Paper prices barely changed, while plastics saw a small adjustment due to PRN changes with the exception of LDPE film which still has strong demand.
Copper however continued its recent surge and increased substantially.
The pound is now essentially unchanged for three weeks now against the dollar at $1.37. Against the euro though it dropped to €1.15 from €1.17 a week ago.
A softening of the PRN/PERN brought the value of bottle grades down by £5 per tonne.
Demand remains strong from Europe in particular for LDPE film and PP grades, and this has pushed up the price of these.
The view in the market is that European demand looks set to continue for a while yet, especially as lockdowns are getting tougher there while appearing to ease in the UK.
Trading volumes to Turkey are also increasing as companies get used to the new rules and regulations for exporting there.
As mentioned at the top of this article, trading was quiet this week as companies decided where to head next.
Those anticipating price rises for OCC mid-month are tending to now believe it won’t happen and if anything, prices are more likely to fall. Nobody is predicting a crash, but a gentle easing downwards for the next few weeks.
Mixed has been holding up though and isn’t following OCC lower yet. This seems to be driven by European demand, with India and elsewhere in Asia showing less interest.
Copper continues to surge on the back of increases on the LME. Prices for copper grades were up by £125 per tonne.
Brass also increased by £25 per tonne.
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