Cocoa hits 7-month high in New York, with 15% gains for the week

Published 2024년 12월 13일

Tridge summary

Cocoa prices have reached a 7.5-month high, continuing to rise for the fifth consecutive week due to market concerns over a potential supply shortfall following three seasons of deficits. This increase is attributed to dry weather conditions in West Africa, the primary growing region, and robust demand, especially in Ivory Coast. In contrast, arabica coffee prices have slightly declined after hitting a record high, as the market cautiously reassesses the crop outlook in Brazil, despite ongoing concerns about drought. Meanwhile, robusta coffee and raw sugar prices have seen declines, with robusta facing unseasonal rain in Vietnam, a major producer, and sugar output in Brazil exceeding expectations, potentially influencing final crop volumes.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

LONDON (Reuters) - Cocoa prices hit fresh 7-1/2-month highs on Friday, posting five straight weeks of gains as the market remains concerned that this season’s supply recovery will not be enough to offset three seasons of shortfalls. Meanwhile, arabica coffee remained some way off this week’s record high. COCOA * ICE cocoa futures in New York settled up $479, or 4.4 percent, at $11,300 a metric tonne. They have gained 15 percent this week. * The contract is approaching April’s record peak of $11,722, having previously hit a 7-1/2-month high of $11,365. * Dealers noted that weather in the West African growing region has been dry lately, weighing on production expectations. * Demand has also not yet fallen significantly. In Ivory Coast, which vies with the Netherlands as the world’s biggest cocoa processor, demand rose 1.6% in the two months to November from a year earlier. * Cocoa in London rose 3.5% to 8,926 pounds a tonne, marking a weekly gain of 8%. COFFEE * Arabica coffee ...

Source: NoticiasAgricolas