The US $ in EURO
1,1890

What happened this week: Our underlying positive feeling we had last week started to fade during the week. The optimism which seemed to emerge during the Fair in Bologna did not find any additional support we assume, that everyone who took the chances in Italy has finally taken the right decision. The Asian buyers which were expected to return to the market after their holidays where not found in Europe, but moved the purchasing interest back to the US market which has reached attractive levels after the long period of eroding price levels. Price levels in the United States are not anymore prohibitive and when Asian tanners have the choice to choose between European and US hides their still prefer the American alternative. Sales were consequently concentrated on spot deals in Europe and some specialty products in wetblue and if one was looking for some serious success in selling he had to look for sheep and lambskins which entered their seasonal activity. Sales of cattle hides were consequently spotty and more a case of

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