Even though seasonal effects play a role here and the seasonally adjusted market surplus also reported by the ICSG was ‘only’ 250 thousand tons, Commerzbank’s commodity strategist Barbara Lambrecht notes.
“Even though seasonal effects play a role here and the seasonally adjusted market surplus also reported by the ICSG was ‘only’ 250 thousand tons, the surplus is still high by historical standards and already exceeds the expected supply surplus of 162 thousand tons that the ICSG had forecast in April for 2024 as a whole.
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