Markets in limbo; Traders seek direction from India

摘要

Producers and traders are again looking for India to set forward market direction, as has been the case so often over the last year. Operators hope that substantial purchases in the coming months will eliminate current perceptions of oversupply, and that bullish market sentiments will return. Prospects remain bleak, however. At present, there is a limited likelihood of India entering the market for large quantities via traditional tenders, and supplies appear more than sufficient to cover any demand as may emerge into the second quarter. Fierce competition on upcoming business is therefore likely to ensue.