High stocks weigh on market
Issue is that the pandemic has weighed on domestic demand and driven up supplies. Growers are said to still hold around 10,000 mt of sultanas in their warehouses with no customers in sight. These supplies are also adding pressure the export market. Due to the sanctions in place financial transactions also require intermediaries, meaning that exporters largely depend on brokers and local currencies. The weak Iranian rial has added further pressure to prices throughout the season.
Prices decline further