What happened this week: The week after Hong Kong must have been quite sobering for many. It has been a market classic again as the trade gathered in Asia at the end of the first quarter to excite itself, but as soon as the fair closed realities returned quickly. These realities haven’t changed at all since the period before the fair. Many of the enthusiasts and market pushers were forced to realise that plenty of the activity seen had, to a large extent, been based on speculative buying. Many of the tanners and traders in Asia bought stock because of the low price levels and on the back of good demand in China as well as the return of export business later this year.

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