Market sombre as short-term direction debated

摘要

The sulphur market’s tone was sombre, with different views as to the likely price direction over the coming weeks and months. Overall, it was hard to find many signs of short-term bullishness. The plunge in the US Tampa contract by a further $25/lt to $70/lt demonstrated that buyers in the US were holding most of the cards in negotiations, and added to demand concerns across the global market. Some expect that the move may speed up some Canadian producers’ decisions to stockpile and may also drive US producers to further increase seaborne exports, possibly boosting prices in future quarters. But for now it seems that the drop will be difficult to reverse.