What happened this week: Any hope that the market or business would take a break following the Hong Kong show was in vain. Broad-based interest from Asia and Europe kept everyone busy and sales were as good as ever. This is extending the sold-forward position of the market and it would come as no surprise if most sellers are clear up until the end of May. The key question now on everyone’s lips is when the inventories will be filled up sufficiently so that tanners can dare to take a break in their purchasing activities. Under these types of market conditions it is pretty obvious that there are various different positions and desires. For obvious reasons, tanners would love to see raw material prices decline again, just as butchers would like to see them rising. Furthermore, ‘the trade’ is well separated into bulls and bears at the moment.

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