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