Mac Market Newsletter Highlights Week 7

This is not the full report for members — read the full MSM Weekly Market Review here.

-16 February 2026–

Dear readers,

Festivities for the 2026 lunar new year kick off on 17 February, and we wish all platform users celebrating over the next two weeks all the best for the new year! The Chinese New Year celebrations have historically been a defining moment for the global macadamia industry, playing a key part in gift-giving and accounting for a significant portion of annual demand. While both consumption and production patterns have evolved in recent times, this time of year is still a marker moment, which has a defining impact on the marketing year ahead. Buyer assessments of n̡̝̏ͬo̟ͪ͝v̆͌͟t̝̔̉r͛́ͧ t͉̐̎͟e͚͂̏̓͘n̨̔̓ͪe̟͒̄̔e̷̡̧̧e̙̪̮̍ͯl̤̆͘v̻̈̉͝ì̻ͦ r̨͔͊̈́͠l̙ͧ̒s͔͒ͣi̛͙͓̎y͉̎ͯh̥̤͔̽͝ after the festivities and moves to p̗ͣͧ̐e͎ͮͅe̥̠̤͉̔s̢͍͝s̱͇̊h̡̺͕ͬ̈́n͙ͪͪ̏rͮͅ͏́e̬͙̔͐͆ i̷͙̐ḧ̡̧̳́l̶ͫ͑̀ȩ̗̿t̹͇ͨ̍͡ by the middle of the year will become more visible in March and April, if they are to be covered for the r̨̮͔̀e̷̋ͯt͋ͦ͆́̋ơ̬ͮ̒f̡͇̾c̤͒̈́ a͓ͬͭ̆͜ä͈̤̠͈h͔̹̽ḧ̬́ͭ e̒͘͟d̬̻͉ͥ n͈̒͠y̮͍͌͑͘õ̝̊͘ ś̩̌f̖̓̀l̏ͥ͐e͕ͪ̋. This is a key time for the market: what volumes can be expected for 2026, and at what prices; can suppliers respond to market demand, and will buyers find suppliers who can fulfil their orders? The supply chain is more complex now and includes farmers who o̘̱͘t̫͓̄͜c͏̨̺̮e̟͗͟C̛ͭ̾ͥÿ̻́ͯ̍͝r̴̫̠̐p͈̌͡ e̱̱͆̑͐a̭͐͒́̄o͉͔̓͠i͒̄͢l̎͌͝t̓̀̍͞ x̉̓͗͠rͣ̏̉̾ͦ ň̢͐ͤh̴̰͔́d̳̼ͧ͞i͙ͮͦ̀t̑͛̐̕, intermediary consolidators who buy locally to fulfil larger orders, as well as processors who also have an eye on US, European and Middle Eastern markets. The MSM digital platform is a key tool for both buyers and sellers to signal where they stand in relation to the market. The early signalling capabilities are supported by quick and simple transaction processes, which include independent verification of quality and food safety certifications, escrow account options, and contract dispute resolution mechanisms to ensure that moves in the market are efficient and secure.

Let us know how we can support you to get the most out of your platform experience. We also offer consulting services to support your business in macadamia trade. Contact us today to see how you can use the platform to advance your business. Call or WhatsApp message us on +27 67 331 2720 or send us an email and let’s discuss further.

In the market this week

The sense of ṭ̪̼̈́e̺ͮ̚a̞̺ͭr̢̥̼͔-ȧͦͧs͎ͥ͡d̻̦̠̿͘-e̗̺̹̖͒ḙ͏̦w̹̺ͬ͐ͯ p̫̹͑̄i̢ͫ̇̌n̛͍̫̓̌s̨̱͍̎̎va͇͏̶ę̼̽̚ď͓ͦ̅ the market ahead of the completion of Chinese New Year celebrations and buyer assessments of inventories for the retail periods ahead. Expression of European demand for the new marketing season t̻ͩ͜s̢̘̰ͧ̀o͔͗̔ȃ̬̫ c̺͊̇̀̑ḷả͙̾̄ͭḛ̶͖͘͠s̴͙̣ͦĺ̶̪͖̀ś̗͑͛a̘̼̐͐ḛ̟ͩ̚͞ from March and April, adding to the n̴̾̄q̨̞́̒͟s͙͔̖ͮt͔̜͛f͇̀̓̔o͐̒̈́ḙ̀̅͟s̘̰̿͛͜ê̝̞̗̊ ų̵̯̤͇ḭ̘ͫ̑ͮ the moment, even as US buyers t̯ͪ̆ẁ̧̻̀i͔̱ͦ͞õ͙ͩ̑͑ t̹̐́̍͌u͈̬̻a̙͎̿̈́̇ the impact of Chinese demand on i̺̥͚̋̌r̙͖͝͝c̟͈̺l̩ͭͯp̪̼͝e͙͕͛̀̆s͕̼̱͓͒p̷̂͢ ó͖ͫs͆̀̆͞ṇs̵̢̿̌͗d̵̄͘ű̡̲ͬe͙͎̩ͮͬi̗ͨ̾͞ỉ̆̓, whether to favour e͈̟͌ͨ̿l̨̩̃͐̐k̵͂ͮ͟͡ș̢͍̭r̬̳͗ͅh̠͙͒ n̴͙̫e͓̐͝ ŏ̭̺iͧ̍̊l̷̜̦̏̔l͇̊ͣe͏ͧ̉̈͟r̘̥̩̀͏n̰͔̤ͫ̒ offers in their marketing mixes. While large volume kernel deals are on offer for Q2 and Q3 shipment, buyer interest, limited as it is, has been focused on ḷ̶̛̤u͔̪ͣ̍͜t̊͛ͫ͜l̲ͮ̎͌̎v̶̝̼ŕ́ͬ͟͜m̠͛͝͠ o̗͍͗̿s͈̩͕͙̗o͙͉̞̓ͣms̵̈̊l̶̝̅ p̳̪͖e̦͊̿͘å̴͕ͅe̟̫͑ purchases for earlier delivery. Average prices in observed ó͂ͦ̚w̵̱̗͞e͉̺͋o̪̲ͤ̒͠s̮̿ͅe̜̤͋e̷̜̕r̙͛̒n̗͂ͬo͕̼͛͗͠vt̑ͥ͜ k͖̗̐̽ņ̫̘̉h͚͔͎̆͘a͉͍͞͡ͅ r̰̂͝a̼ͧ̽i̱̘̻͝ś̨̟͑ r̮̫ͥͮt̼̓͘e̠̿̀̓ş̼͗ ť͍̟ị̍͗̆̒c̡̘̭̓̈s̔̏͆ those seen at the start of the year under i͉̝͊ͮ͢m͉ͣ͟t̘̠ͦ̅͘id̷̯̓͞e͔͒̉̃i̪ͅ͏ ę̻̘́t̻͊́ͅm̶̴͇̪͒å̜ͯ͒̊i͇͒ͪ̕d̩̍̇̈̒l̼̠͚ͯe͌ͬ͏m̡̛̽͆́ supply.

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Macadamia Price Trends

Average prices of observed transactions for the past five weeks (Week 3 to Week 7, 2026) are presented for several kernel styles in the table below. The observed average prices for Style 1 and Style 4L were g̢͚ͨ̊h̹ͨ͗ͩh̲͔̉͋t̹͂́n̷̔͑͢͝ó͓̍ t̺̾ͮͧ͘r̵͗̿s̵̪̒a͐ͤ̓ ẽ͇̠͔̭h̻͘͞i̱͓̬̖̔e̼̳͇̙̟h̰͚̀ seen in the previous five-week period (Week 50, 2025, to Week 2, 2026), with the biggest movement seen n̰͓ͯ̎t͌͊ͩ̋̓ e̪͍͒ͯy̪͌͢͜L̵͋̉̒4ͦ̋̒̅î͓ͬ̑ l͖̳ͯ̀̄Ș̏̃̽. The t̴̯́̂ͦn͙̭̋ͤtͫͩ͡eͤ̓ͨ c͓̬͜͠i̬͓̘ á̩̈o͐ͤͥ̐͜ḭ̠̑ï̧ͫͬy̢̱̠̟r͓ͦ̒̀v̧͓ͨ̾a̱̬͒r̜͛̄͗ͫs̵̭̺n̟̪͋ͭ t̴̋̈́̅͠ã̭͎͓ń̼̱̫r̻̅͆ỉ̮̬̙͊e̞̼ͬś̠̭̙ reflects a slightly more i̲̳̋̏̀a̹͍̦c̵̼̗ͯe̵ͧ̀̑t̪͇̑v̡̙̞̣́ market in recent weeks, with ȧ̯̪̩l͖̓ͧn̞͍͐ͣ͝s̴͇̩̈͗r̊͗̏́r̢͉̘̱̋t̖͎̑̄͘ṅ̠̫̽ọ̦͉̆̑u̴̡̱͌ i̫̫̇a̡͔͌͗t̛̹̅nͨ͂̎ͅĉ̤̞̝͝i̵͇͖ͩa̡̛̟̪͠s̶̝̼ͣs͇͏̴̫̉ţ̵̦͍̯A̵͎̺ͫa̶ underpinning e͂ͬ̈́̿e̘͛ͬh̿̏ͮ ǐ͙͐s̜ͥ͊t̷̶̞̅i̝̞̠ ṉ̡̛͙̎r̠͜͞ average prices.

Supplier expectations are c̶͈̭͕t̗̦͎͙̎h̵͍͐̕p̷̭̔́ͩl̰ͮ͗ḛ͖̈́͒i̺̙̼̳͒ỳ͆̎l̛̆͋͆ ḣ̶̻ͪr̆̕͟a̴͔͞į̫̞̘̃g̤̀͛ỳ̥̳̐͜ at the start of the year, and some of the a̹̞͉i̲̗̔͟͢è͖̯f͕͆͛̊d̏ͯ̂̋r͉͍̯ͣ r̴̥̝ͭ̍s̶̒͠͡ͅe͏̶̠s̲̏̈f̮͎̖ͤo̰ͫ̏ͮ̀ have been accepted by buyers amidst the i̢̺ͩͧͩr̆͂ͦ̽͟c̷͍̯pò͙ͥ̍a͛̈͋͡f̡̻̬̏̏c̠̥̊̓͝ u͚͕̚͏y̺̕͜͠ y͓͈̼̹̟s̮̍̂̄̚p̗̙͈̪ͨl̛͇̣ͤ͗s͓̯̬t͍̝̂͗̉ at the moment. Most supplier offers lean towards r̾͂̿͆c̡̭͚̆͌o̙ͣͫa͇͇̓ͧ̚n̶̴͉̟̮l̩̣̒͏ͫ t̷̬̾͜s̲͎̅o͈ͩ͛ą̶̭̉ŕ͇̯r̻ͨ̐t͓͕͋g̥̃ͨr̫̞̦̽ f̹̒̐e̼ͣ͌̕c̟͒̉ later delivery, but buyer interest around the globe so far this year, ahead of the Chinese New Year, remains limited to dͤͅ͏̓s̡̙͙̦s̝͒͢p͙͓͛͊͠ļ̘͚̑̔, m̘̳ͨͪ͡éͣͣ̎͠e͖͎̝͋ͪţͬ̀̇̿ e̫͌̑͞y̟͍̓̕m̛a̙͍̹͝ͅh̲̤ͣs̶̪̼͇͍a̵ͤͭs̳̼̓a͈͖͌̽͛ f̢͚͉͌p̯͊̐̑̅ c͔̀͜o̧̰ͯ͝ṭ͇̀̂́o͖̯̎m̮͈̗̪̏l̘̮̾u̟͆͋l̴͖̹ͣi̡ͫ̂͟i̛͖̺͆ͩr̢̍͂͂ available stock. The MSM Platform currently has a good mix of small and large volume offers of both 2025 and 2026 stock, reflecting a balance between immediate market interest and supplier aspirations for the year ahead.

NIS trade i̇r̴͉̲̍͊n̬̆ͬͪe̱͎ͦ̊ś̤̜ḯ̯̜͆͛ā͓̣ͪ͑ ư̩ͮq̰͕̃͝ẗ̛ͥ̂͞e͕ͯͪ͡m̴͓̺ͦ͝, with market activity expected to o̢͇͑͠͝n̼̝ͤ͜t̶̤̻ͅi̟̱͍e̢̜͊y̼̰͞i̘͖̳ͪs̠͕̏f͇͖ͯ ḿf̜̼ͧ͝r̞̎͟͡n͋ͮ͘ March and April ahead of Q2 and early Q3 shipping deadlines, depending on ċ̣̆͘t͊͛̊ḙ̟͡s̝̩̜ͬ͞m͚̠̂ͭń͉͙͟e̷͉͋̅͢ i͒̏͐͝f͇̀͂e͇ͫ̃s̴̰̩ͥr̦͑͑̃ yͪ͊͟m̦̹̳͆ͦh͉ͨ͘ḙ̀͗͜s̱̆͐̈́i̷̪̝ͤ̿o̴̩͖̪̿ö̷͓́̿å͉̏s̘ͩ̄͠͡s̻̊͞ d̨̮ͯͮ̂n͎̬ͮ̄ e͉̙͂̍t̥̣̩̄̓Ĉ̥̜ͥ͞u͚̓̔̚s͉͈͛̆͆b̜̂͠͝e̵͚͖ͣs̤̹͜ demand after the festive retail season.

🛒Available Now on the MSM Platform

The MSM trading platform has kernel offers available from several countries. These offers are currently open for bidding, allowing you the opportunity to negotiate and secure high-quality macadamia products at a price level acceptable to you.
There are also several NIS orders, with DAP South Africa (Cape Town) prices, which are open for negotiation.

We will eagerly assist you in brokering any transaction listed on the platform that might be of interest to you.

Negotiable Single Style Offers Available

Style	Quantity (kg)	Containers	Avg Opening Price (USD/kg EXW)
Style 0	9 140	1	16.50 EXW
Style 1	70 091	6	15.47 EXW
Style 1S	4 105	2	14.38 EXW
Style 2	38 556	2	13.70 EXW
Style 4XL	16 330	1	10.50 EXW
Style 4L	73 951	4	10.18 EXW
Style 4S	62 631	4	9.85 EXW
Style 5	11 340	1	9.20 EXW
Style 6	19 278	2	6.40 EXW
Total	305 421	23	12.09 EXW

Negotiable Single Size NIS Orders Required

Size	Quantity (kg)	SKR	USKR	Avg Opening Price (USD/kg DAP)
22mm+	16 000	>30%	<2%	2.87 DAP
22mm+	16 000	>30%	<2%	2.92 DAP
24mm+	10 000	>32%	<1.5%	3.05 DAP
Total	42 000			2.95 DAP

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Market Sentiment

South Africa ǐ̦̫̂͊ã̔ͦņ̪̾̂͑ C̫̟̾̀ͤḣ̦ͤͭ͟ṇ͕a̴̐ͣͥ͘d͎ͧ̽͒̐ announced last week that they had concluded d͎͍͂ͦ̕E̺̓̍ͣͩ o͓̙̦r̨̊̋̾ͅḫ̙̠ͨȁ͈̝̅͗P̞̭͐ͭn͓̈́̆ͣg͖ͤͤṙ̨̈́̕͠ ş̩ͫă̼̞r͚̘̝ͮo̫͟ͅī̵̵̲͒ĕ͇̟C̹̓ͩͣo͓̱̪ͩ̓n̺ͨ̕͟͡n̼͗̉r̨̠̻̾͟ e͊ͯ͡P̷̮̀͟ŝ̶̺ͩ͠e̷̥͆͋͡m̹̫͆p̮̯͓͎̌r͒̂e̶̛̦ͪ̔t͙̹̞ͬ͟ c̵̦ͯ͛͞ȅ̤͕̪̠i̙̣͛́ ę̢̱Ṕ̝͛͋ḩ͒̊̿S̞̑̓̇ͬc̬̃͌ț̝ͫ n̶͛̄ͅ͏ơ̜̓ͭy̤̚ͅAͤ̔͡ä͚́͡Ȁ̭̅ͦ͌r̝̘̽̈̓fͬ̌̉͟i̗ͩ͌A̗̯ͨ̋ (p̨̲̻ͩ̈́r̝͐͗͜t̾̔ͅm̺͚̈ͅȄ̵̋̃), a trade and investment framework agreement paving the way for expanded bilateral trade at reduced tariffs. The deal also includes the signing of an “p̳͚̦͈ͩǫ͇̑́ỏ̝͏̃̓t̝͍͊͜a̻͍͌̽̚ ȓ̫͉ș̉͑̕y̮͙͑͢͜t̶́̓̕ņ͚ͣ̓̈́ĺ͎͚̲͟n̛͑ͯ” h̞̽͟͏r̷͕̗c̛̛̖ĕ̙̥ͣ͠e̞͚͢v̼̂ͬe̢ͮͥm̩̱ͧ́̕ä͉́́ͥ͟, hopefully in March, that will enable immediate implementation of priority areas ahead of the finalisation of a more comprehensive and detailed agreement that will be longer in the making. South Africa is the 33rd African country to o̭͐̌͌r̴͓̣ͫ̈́C̻̲ͧ̽e̞ͦ͐ͩͅt͙̽ͪͮi̡̖̹͓̍h̢̟ͫ́̏c̡̮ͣ̚͝ a̹̟̻̽l̘̊̆͘ť̼̠̞íͪ͠ͅͅ ẉͮ͌͋á̧̤̾ͥd̐ͫ̎m̛͖̺̿̏ȩ̳s͍̆͜i̛̭͛͝c̖̽͂t͓̝̒̉ ue̳̰̽̆̐hn̫͐ͯ̚ ṉ̟̅͘g̴̻̣ͭ͝e͙̍ͦ͛ḩ̱̂n̆͏̬̊̚, which has stated its commitment in 2025 to do so with n̙̪͟ọ͕͗ u͕̥͂̏3̼̳̭̈̑ r̹͚̞͕ḛ̞̣͠͞ p̙̄̂ͧ̚ţͮ̀5͏̓ͭ͢s̷̥͈̀t̢̺͚͌̌ḧ͕͓́ͮ͢o̙ͤ͆ͨ͐ǫ̻͗ǹ̺̃͋ í̬̟͔͡ȕ̷̒ t̢̥ͭe̟͋͒c̦͉̎̾ͅ continent. The potential impact on South Africa’s macadamia exports h̟̮̎̐̾i̯̇̇ h̬͚̗̍͜C̙̏͘͝a̴ͭ͞o̲͓͉ͫ̿w͏͕̺, ǹ̋ͬͫc̛̭̱̏i̜̳̩h̷̨̜̲t̃̆ͬ̚͜ currently attract 12% in duties, is significant, although commodity-level details are yet to be finalised. Besides concluding an early harvest agreement, l̓̅͡l͖͒ͥh̡͐̐̂́C̨̟͆a͉̼̰͝ nͮ̌ͬȧͪ̓͡i̹ͭ̀s̳ͬ͋̽ o̪̰ͬ͐w̙̆ͦ̂l̳̺͇̓ĩ̘̂͜͞ send a buying mission to South Africa, according to government sources, and has invited South Africa to attend key trade and investment exhibitions and events later this year.

The trade agreement is one of a number concluded in the wake of growing iͤ̍ͧt̷̺͜ s̷̨̱̲n̥̎͠S̟͋̐ͫ͑ĭ̭̜c̙̑ͭ̎̚ǫ͒͘o̱̝̻ͮm̑͒̀͢é͕͝r̺̭͖͐p̃t̵̜̮͐ͨÚ̠̀ͅ, causing numerous countries to diversify trade to other key markets. i̗̬ͥs͇̽́i̡̮̯͐̚Ċ͍̾ͩa͙͕̞ͮ̚ ń̡͓̈́h͐͐͠ particularly important for macadamia-producing countries. d͎͖̎n̡͙̩͜n̪̣̿̄͆Z͇͑̏ͣ̓m̩̬̏̒, a̖͋̓è͘͠e̳̭͐̈́b̫̈́̓M̲ͤ̀̅a͕͂̓͟͞, ỹ̫̱̀̚Ḳ̈́́o̢̧͟ i̵̳ͥ̀ẑ́͠b̜ͥ͜ṵ̜͎ͪ͢q̮͓̾ȧ͍̞̕m͏̡͓̥͞i͇͂͐̅ͤȃ̏͡ą̑̿̈̊ have all concluded tariff-free access for their macadamias in bilateral deals ĩ̥ͥĈ̗̫̊ͬi̵̘͎n̻̤̬̐̚ ĥ̛̝ͯ̈a̟ͭ̾͞í̡̙̍̈́t̼̹͒ẇ͡ͅ ṇ̅͡ḧ̖́ͅ the last two years. Like South Africa, Kenya has been busy, concluding a P̳͔̾͗̓į̣̰ͨͫn̝̣ͩ͂̏ḧ̟̜́t̵͈͍ C̟ͩ̿Aͤͣ̇͜͝h̨̤͚̆͛a̶̔̀ Ä͖̲́͋̚w̴̵̘̓Ç͌͊i̧͙̎ͥͥE͙ͥ̅́͆ last month (including an early harvest agreement), a framework agreement with e̵̝̿t̼̝̭̝͊E̴̜̹ͦͪ U̮͉̤̐̂î̢͈͟͡ n̛̟̰͌̈ḣ̃ͅ 2024, and a Strategic Trade and Investment Partnership é̪ͤ͗͟t́ͮ̂͗͜ḧ̵̭́̀͏t̷̵̨͙ͭ Ű͈ͨw̪͓̆̑i̡͍̭͐ S͕͔̋̚ḧ̅̂, initiated in 2022 (expected to be finalised in late 2026). South Africa has also recently concluded agreements with m̵̨̧K̻̹͕e̛͎͚̔n̜̽ͥu̻ͮͦţ̲ͦͮͨô̱̲̼ Vͫ̾̚o̴̭ͨ͊o̷̒͊ nͧ̑̑ị̯̚͞S̲̓̈͂r͋͝͏a͈̬̓̂͢ a̜͏̩͔d̠̎͟e̶͚̜͉͘ḣ͈̲̽ă̫̣̯̒ n͛̕͜t̹̫͔̐ͣ other agricultural products and is in negotiations with the S͎̉͆͠b̗ͮ͑̈́n̝͓͚t̛̖ͭȧ̠͓͐͢u̙̥̍͐ e͚͈ͮ͐b̵̨̼͘͞eͥ̐͘r̜ͧ́͂͠ a̼̮͙d͔̜̟͒̉À̡̛͙ͣrȃ͉̍̄o͓̘ͤͯͫi̬ͭ̅Ȗ̔̃ ď͖̓͌t͚̐͝s̝̺͍͇͊ ã̰̖ͅt̶̫͊Ë́͌͊i͎ͧ́a̛̰ͫ i̞̒ͥm̵͖͇i̥̮͒͝ḏ̡ͨ̾ń̦̭͞A̴̭̟ ạ̧̊r͒͟͝ conclude comprehensive trade agreements. African exporters have also benefited from the recent implementation of the African Continental Free Trade Agreement and now the extension of the Africa Growth and Opportunity Act, a domestic US law that gives imports from Africa tariff-free access to its markets. Australia also concluded a framework agreement with 0̙͌̾͠2̥ͯͅ2̫̩͚̝ ť̖̰̱͑U̻̒͛͟E̶̺͔ͯ̍ h̗̼͋̔e͔̦͒ A̫͛̇͟i̻̳̍̋5͖̰̫n̷͍̻̈̈, and the implementation of its recent trade agreement ņ̻̲̈́̕ỉ̪͍̚w̭ͮ͏Ǐ̺͢ h̬̬̐ͬ͐ǎ̡̉i͔͓ͥi̶̩ͣ͑ṣ͌͝ t̛̛͓̑͢d̎̑̇́͒ underway. Australia has numerous agreements i̩͖̽i̴̵͌ã̧̾c͖̦̊͛ͭ t̟̀͌͘͠C̳̹͙̾w͕̼ͮͦn̡̜̍̕͘h̹̼̏, ḣ̦͖̀h̃̒ͩ̕w̶̍͐͢h̭͓͂i̫ͣ͞ have secured its macadamia exporters’ tariff-free access.

The pursuit of these agreements is an important indication of responses by macadamia-producing countries to diversify their markets, particularly for agricultural products. Reduced tariff or tariff-free access for macadamias will be particularly valuable in the light of w̝̻ͤ̽ rͥͥ͑ḵ̖̰̇g͖̈͗̌̀o̊̐̓ï͈̪͒̒a̪̖̮͡n̻͚̈áͬ͡l̬͎͜ l̬ͩͮ̆̓a̟̍͊n̮̏̔͠ẹ̍e̡͐͊ͧd͉̦ͮ̈̾, which has downward pressure on exporter margins as sales are el̑ͫ̾͐̿ó̗͎̊l̂͒̕͏o̱̞̟̒ņ̝̰̿̕d̟̦ͩ͢d̶̠̲͔̀s͙̱̣͊ u̦̥̪ͨa̭̩ͣ d͇̘̓r̡͙̠n̨̥͔̔͂l̡ͯ̑ì̙̈̊̅c̿̌͢c̼̖͉̤ͩ, but costs are paid in domestic currency.

Exchange Rate Watch

The recent period was shaped by conflicting economic signals, creating currency market volatility. A sell-off in h̨̦̥̿o̧̠ͪ̅̕c̠͍̻͗ẋ̷͉̦̪ ă̜͋̕k͈͂̆̆s̝̰̳ͪşͤ͊ț̂͠U̼̥͡ e̪͑͗ͪ̆c̴̬͓͊͋ S̒͝n̼̳̮͇̕ h̟͛̾͠ͅe̡̲̳͌e̛ͩ͡n̺̹̽ͩͯt̟͗͂ͨs͔ͦ̾̐i̭̫ͩc̷̨̬ͦ̕g̖̈̒ͨ́ caused risk-off sentiment, while mixed US data (positive on jobs, negative on retail spending) reinforced expectations for ť͓̾F͉͓ͬ͂a͗ͩ̈́ ṳ̀̾cę̻̓ṱ̉̋ͬ͊ e̫͌͟d͈̭͆͡s̽̀̀ṛ̪͋̆̇, even as some expected the s̵̝̓̐ì̪̟̓ṙ̡̟ͩ͜e͑͏͋ͯ̀u̵͇ͩͫt͇̩͌̽̌ḻ̹̇̕t͈͔̾ a̩̯̞̐ͮs̻͉͉͂͜ȅ̞̟͗̀ć͉̗̄̚ to be pushed out to June on the basis of the data. Despite l̞͙ͩ̄ȩ̩̺̒ơ͇͐ͪ̚t̬̲͆s̵͚̤ͯg̗̬̤̉h͍̔ͪ͏̂ ľ̶̛̟͋a͇̣͙͂ͫṇ̛͆i̬̅͟n̷̳̜̒͞l̻ͩ̊ t̬̙͛̃r̯̣̀ḍ͇͔̤ț̺̐r̰͊ͫå̖̣̏ì̠̖ͯ́į̤̇͜ on the jobs announcement, currencies of macadamia-producing countries r̼͗̽̕͟h̨̋̚á̶͛̄̐sͬ̔̌͝ȅ̹̘̳n̟ͪ̊ͩd̝̲̑͋t̬̿ͪţ̞̝͡g̵͎̎ͩ͟t̑̍̌s͕̣͔̊ n̶̡̼e͕̯ͧ̿ͪn̛̥̻̎ͣg͈̣͆̍e̞̼̱i̹͕͞ȃ͓ͭ͗ d̺ͯ͡e͚͊͑͆͠l͍͚͛ͨ l̢͎̙̓̓ḧ̦̯́͏ͅrͧͧ͛͡t͗̾ͮȁ̼ͧo͇̜̚͠ as the broader trend d̵͖̼̒͡o͋͛ͫ̇̿ n̮̣̔ę̟̲̎l̨ͯ̍͏ͅa͈̺ͣͤr̺̜͊͂e̹̎͠͏ f͚͌͡ṣ̍̌͊͆w̬ͣ̑a̡̘̓sͨ̓͡l̗̜̑͞o̧ͦ͂̀͡ḳ̑̇ continued.

Freight Cost Watch

Global average container rates continued i̸̵̖r̜͍͂̀͡ď͚̯̳̤ṅ̸̘ḫ̦̔͞ t̹͈̻͊͞e̦͔̅̿̓e̤͗̽̔͏l̦̹͕̓ͥī̸͙e̟̪ͮ̂c͍͊ͅ as the shipping rush for the c̫͌̀w̥͇͊e̪̱͟i̴̗͜s̰̰͐̔n̴ͦ̍r͗ͮ͆͝ h̷̎͋̂e͔͛͘C̜͔̳̉̏ Y̩ͦͪ͠nͥͣ̓̌̿e̷̹ͤͧá̱͊ c̟͍̯ͤ͞l̦ͭ̔͝N̺ͧͥ͜d͉͛̋̓d̤͎̐͘͡e͚͋̓̽͋e̶̳͆̓o͉̙̎̀͢u̹ͥ͜, and d̬͏̛͖͓ķ̞͍̀͜a̪̝ͩń̿ͣ a̟̍̈̔͜e̡͇ͩ̈́ͮw̟͇͑͟d̀ͬ͝ę̿̈̏m̗̖̒ characterised global trade. Some carriers have returned to using the Suez Canal, which offers cheaper shipping routes.

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While we strive to ensure the accuracy and reliability of the information provided in our market review newsletters, we cannot guarantee its completeness or correctness. The data and insights presented are based on the best available sources and our thorough analysis. However, market conditions can change rapidly, and unforeseen factors may impact the accuracy of this information. Therefore, MSM cannot be held responsible or liable for any decisions or actions taken in reliance on the content of these newsletters.