Hazelnuts: Ferrero buys large volumes

November 16, 2020 10:00 AM, Der AUDITOR
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ORDU. The gain in value of the Turkish Lira and Ferrero's buying activities have caused a stir in Turkey's hazelnut market.

Lira gains more than 10% in value

Although the Turkish lira gained 10.1% in value last week, buyers in Europe are less delighted as export prices now range higher. Natural hazelnut kernels, 11-13 mm, more or less immediately shot up to EUR 6.00/kg DDP Germany. Rumour has it that Turkey's central bank intends to raise the key interest rate by 3% over the next few days meaning that prices are expected to climb further.

Ferrero to continue to buy

Ferrero also added fuel to the market. Issue is that the market giant issued a bid price of

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