What happened this week: This week was basically predominated by the variations in the currency markets and rising hide prices in US$ terms. The Chinese, who have been the driving force behind the recent strong market activity, realised that prices in the US have risen 5-10% in recent weeks, largely because of the weak US$. Although this is comfortable in one way, because all purchases that have taken place since the beginning of April look pretty cheap now, prices are not looking very attractive anymore so many buyers have taken more of a wait-and-see position after seeing the latest offer lists.

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