Cashew Market Shows Signs Of Stabilizing (02-Feb-2010)
The cashew market exhibited signs of stabilization last week. Besides, there is some buying interest for W-320 grade emerging. February-April shipments were offered at $2.70 a kg (f.o.b) for W-320, Mumbai-based trading sources said. Trades during the week have been in a wide range - W240 from $2.90 to $3.00, W320: $2.70-2.80, W450: $2.50-2.55 (f.o.b).
Meanwhile, Vietnam has been selling at lower levels than India and Brazil. In the last six weeks, W320 has dropped 25-30 cents, W240 10-15 cents and W450 10-15 cents a kg.
In the last three months, W320 improved from $2.70-2.75 to $3 and came down to $2.70-2.80 (f.o.b). This volatility has given reasonable trading opportunities, but it has not been advantageous to processors or end-users. There has been no apparent reason for this instability excluding for the jump in raw cashewnut prices in November, Mr Pankaj Sampat, a trader said.
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