Week 47

The unfortunate events in the money market this week led to a crisis in Turkey.

The sudden fluctuation in the exchange rates caused massive inflation and a complete uncertainty covered the hazelnut market.

Last week, 13-15 mm hazelnut kernels, which had a seller of 53 TL in the domestic market, had a seller for 55 TL yesterday, but today it is difficult to find a seller even for 60 TL.

The rapidly fluctuating hazelnut prices and exchange rates created a risk environment in the market. Many factories that wanted to protect their customers and themselves stopped giving prices to the export and domestic market and withdrew. Factories that do not want to be withdrawn prefer to make a pricing way above the current prices.We think that this process will continue as long as the sudden fluctuations in exchange rates continue.

In this uncertain environment, we recommend that buyers suspend their demands, except for urgent needs, for a while and supply their urgent needs from reliable companies.