Market sentiment has improved greatly on the back of higher commodity prices and most local merchants are reporting better trading conditions, particularly before the Christmas/summer holiday period.
While traditional offshore markets remain mixed, domestic consumers are buying at current levels now that there are no new lockdowns in place in Australia or New Zealand. As most consumers reduce production or close for the Christmas/summer holiday break, it will be interesting to see what will be reported by the time of the next Mirror publication.
Transportation remains challenging, with shipping lines introducing congestion surcharges and with a lot of strain on availability and clearance of containers. There is no immediate solution to this issue although, in New Zealand at least, one of the ports has agreed to take extra cargo ships to reduce congestion in the main port in order to ensure there are presents under the Christmas tree come December 25.
New Zealand has a new government, albeit with the same Prime Minister. With announcements around increased sick leave entitlement, proposed tax rate increases and an over-inflated housing market to contend with, it will be interesting to see how the next few quarters shape up.
Hayes Metals (NZL), Vice-President of the BIR Non-Ferrous Metals Division