CCNO CIF Rotterdam—Offer price recover. Trading takes a breather. Spread to CPKO widen

CCNO tracked CPKO with offer prices rebounding higher from the previous week, while the number of trades slowed down after 8 weeks of intense buying and selling. Offer prices were up US$35 flat on all delivery months to US$1475/ton on nearby to US$1505 for Apr-May delivery. There were only 3 trades heard compared to 15-20 trades done in the prior 2 weeks. Traded prices were off the asking the price by US$50-65 for Feb-Mar delivery, compared to last week traded divergence of US$15-30 lower to offer prices. Sellers may have become too ambitious at the rates last week. We see offer prices easing this week by US$30-50. Asking price will still be supported at above US$1400/ton. Origin Philippines prices rose for the tenth straight week adding US$12 to a weekly average of US$1422/ton.

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