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Market NewsCommentROUGH MARKET

ROUGH MARKET

In anticipation of De Beers’ February allocation next week there are already plenty of buyers in the market, traders say. But there is clearly a growing sense of nervousness. With weak sales and bankruptcy filings in the US and the turmoil in the financial markets, the trade is concerned about the effect this is having on the market fundamentals. There are reports that the trade in India is heavily exposed and that credit is becoming tighter. Traders are anxiously waiting for news about returns from retailers in the US which have started as well as a possible De Beers price increase next week. In short, rough remains strong, but traders are on edge.

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