Asian buyers and sellers tried to assess conditions and finalize plans for the next few months but were waiting for clearer price direction, which kept trading on the quiet side. Scarce spot availability across all regions also dampened the conclusion of business.
The interstice between the year-end holidays and the arrival of the Lunar New Year, which is celebrated in many countries of the region with a two-week long holiday, is typically filled with activity as buyers often start to replenish inventories after they have been depleted ahead of Dec. 31. In 2021, the Lunar New Year festival period starts on Feb. 11 and ends Feb. 26.
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