Prices have been firm since November, but have stabilised in recent weeks.
Speculators are holding on to unexpectedly large stocks, with many believing they have bought 4 times the amount that they normally would. Chinese New Year sales have been disappointing, however origin is still predicting that crop estimations for the 2015 crop will be very low, so any carried forward stock will not be problem as inventory will be required.
We think the price will remain at this level for the next month. Subsequent to this, we will see a reaction depending on how strong summer demand is across Europe . Summer is traditionally the highest consumption period for pinenuts.