Olympic Hangover

摘要

A weaker market as a result of the Beijing Olympics had been expected but the result was perhaps not as dramatic as many people had feared. The market dropped sharply in the first week with the T/C average falling to USD 115,000, a loss of USD 35,000. Thereafter it rallied to USD 140,000 in the second week before sliding slowly but steadily to end the month at USD 120,000. The big question now is whether a return to normal industrial activity in China will result in a strong autumn market as seems to be suggested by FFA values.