10 July 2013 08:55 [Source: ICIS news]
SINGAPORE (ICIS)--Thin polypropylene (PP) and polyethylene (PE) trade is expected in the Middle East and Pakistan during the Muslim fasting month of Ramadan as market players go on leave or work reduced hours, industry sources said on Wednesday.
“We will work fewer hours. We will come into office later and go home earlier to break fast,” said a Karachi-based source.
A Middle East buyer said market players are likely stay at home during the fasting month as it coincides with the hot summer period.
“Probably more people will be on leave, as they try to escape the hot weather especially during Ramadan,” a Dubai-based end-user said.
With market players on the sidelines, demand is expected to be weaker in August.
“Nobody is going to be active during Ramadan. End-users are well stocked, so they may buy less next month. Prices may fall as a result,” a Dubai-based trader added.
Ramadan starts on 10 July in most countries and will last until early August.
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