Cocoa prices in the global market fall as fund liquidations and exports surge

게시됨 2024년 12월 30일

Tridge 요약

Cocoa prices have seen a significant decline due to massive liquidations in weak year-end markets, with the ICE NY and London contracts falling by 8.21% and 10.88%, respectively. This drop is attributed to profit-taking and high export volumes from major producers like Ivory Coast and Nigeria. Despite concerns over weather conditions in West Africa, which could affect cocoa plantations, global production estimates have been revised downwards due to various challenges, including drought and weather uncertainty. The International Cocoa Association has raised its forecast for the global deficit in 2023/24 to 478,000 tons, marking the highest in over six decades. The volatile cocoa market is likely to be influenced by future production reports and weather conditions, highlighting the need for close monitoring.

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원본 콘텐츠

Cocoa prices fell on Friday, weighed down by massive liquidations in weak year-end markets. The ICE NY March contract fell 905 points (-8.21%), while the ICE London contract fell 994 points (-10.88%). This decline was exacerbated by profit-taking amid high export volumes by major producers such as Ivory Coast. Recent data shows that Ivorian farmers shipped 970,945 tonnes of cocoa between October 1 and December 15, marking a 30% increase compared to 744,967 tonnes in the same period last year. Meanwhile, Nigeria, the world’s sixth-largest producer, also increased its exports in November, registering a 35% increase to 38,015 tonnes. Despite the downward pressure, weather conditions in West Africa remain a concern for the market. Recent warnings from Maxar Technologies indicate that prolonged drought in the region is hampering the development of cocoa plantations, especially with seasonal Harmattan winds. These factors could further compromise the harvest expected in April. This ...

출처: Mercado Do Cacau