High price volatility has been the main feature of trading throughout February.

From peaking above the upper bound of our forecast on the 4th February, the overall PolishedPrices index had fallen to below the lower bound by the 18th before returning to the central forecast by the 21st.

Since then the index has come back slightly to stand at 131.6 points on Friday, just 0.8% below our central forecast.

We expect that the high levels of volatility will continue for a few months as the markets adapt to weakening consumer demand from the US, balanced against higher demand from other regions and sky high rough prices.

We continue to think, however, that the upward trend in polished prices that began last November will continue for some time to come.

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