World: Cocoa prices hit a new historical high

Published 2024년 12월 19일

Tridge summary

The Vietnam Commodity Exchange reported a mixed market on December 18, with the industrial raw material group leading the growth, driven by a near 7% surge in cocoa prices, reaching a new high. This increase is due to adverse weather conditions and supply shortages in West Africa, especially Ivory Coast, which is the largest cocoa supplier. The energy group also saw prices rising, with crude oil prices showing mixed reactions to the Federal Reserve's interest rate decision and US crude oil inventory data. Kazakhstan's decision to maintain its production levels also supported oil prices. Conversely, coffee prices had divergent movements, with Arabica coffee prices increasing while Robusta coffee prices decreased, largely due to rainfall concerns in Brazil.

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

Original content

According to the Vietnam Commodity Exchange (MXV), the world raw material market was divided in the trading session on December 18. Notably, the industrial raw material group led the overall market growth, notably cocoa with prices soaring nearly 7%, setting a new historical peak. In addition, the energy group also prospered with prices of 4/5 commodities increasing simultaneously. At the close, buying power dominated, pulling the MXV-Index up slightly by 0.06% to 2,202 points. Selling power dominates the industrial raw material market At the end of yesterday's trading session, red dominated the price list of the industrial raw material group. Contrary to the general trend of the group, the focus of attention was on cocoa when the price of this commodity increased sharply by nearly 7%, setting a new historical peak. The main reason for the continued high price of cocoa is that the producing region, which supplies about 3/4 of the world's output, West Africa, has been facing ...

Source: Baochinhphu