The slight weakness in prices for sipo and sapele was reigned in over the past two weeks and there is no news of further price movements either up or down. On all producer’s minds is what effect the turmoil after the UK referendum will have on exports. The massive decline in the sterling exchange rate against the US dollar and euro could have a significant impact on exports. Sterling has recovered slightly from the lows immediately after the referendum but there is a risk that it will remain weakened for some time.

West and Central African producers price exports in euros for EU markets and so far there has been no pressure from buyers in either the EU or UK to lower prices and there has been no pressure (so far) from buyers outside of Europe for an adjustment of prices.