Tuna packers in Bangkok are watching raw material prices fall back from a modest $720 peak to just under $600/t. While rates are not expected to drop below the $500 mark they hit a few weeks ago, the lack of demand is at the root of the problem. Northern Europe, North America is just emerging from the winter quiet season, with a number of long forward orders placed as near the bottom of the trough as possible. At such low rates, forward cover is cheap ­ and canners are glad of the cheaper fish to work with. Fishing is improving, too ­ just at a moment when empty nets would actually do the market some good. {{PROVISIONS }}

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