The US $ in EURO
1,2740

What happened this week: The week was pretty much divided into two parts. Until Thursday the lacklustre trend continued and very little activity was noticed – as well from Asia as well as from Europe. By Thursday morning things changed quickly and activity increased sharply. The main interest came again from the Orient and during Thursday and Friday satisfying sales were concluded. Even some minor European interest was noticed and turned into business. Beside the better interest for hides we remain impressed by the volume of Letter of Credits. Beside of all the talks about sales and activity we consider this to be the real and most reliable indicator, that leather business cant be too bad and tanners are active. In part however, it is also the result of the shift of interest after the BSE case in the USA. Europe has definitely got its share and Asian buyers entered the market as well as for security, but also to prevent the US market to go through the roof. At the end it worked and with declining US prices as a result,  the massive price gap between the market is now closing to more realistic levels.

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