Rich stockists holding stock in Madagascar
Madagascar's latest crop had been fully harvested and the balance of stock - possibly 3,500 tonnes - was in the hands of rich stockists, These speculators would not sell at a loss and their current cost price was quite high with the next crop not due until November.
"Madagascar's crop was smaller than expected so stockholders there decided to hold onto certain quantities and not release until prices reached a certain level and that is also not helping the market to come down...READ MORE