StoneX: Cocoa advances in the week in the US and UK, with global offer in the focus of agents

Published 2023년 9월 7일

Tridge summary

Cocoa futures prices have increased in the last week due to favorable weather conditions in cocoa-producing regions and concerns about supply deficits. The positive economic data from the euro zone has also contributed to the rise in cocoa prices, as it signals a recovering economy and potentially higher demand for cocoa. However, the cocoa industry is seeking ways to reduce costs in the production of chocolates, which may lead to changes in product composition and size in the future.

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

Original content

The prices of cocoa futures contracts with the second closest expiration date (December/23) recovered and advanced in the last week. On the New York Stock Exchange (ICE/US), the contract due in December began the week priced at US$3,357/ton, appreciated by 2.7% and ended last Friday's trading session (18) priced at US$3,449 /ton. The equivalent futures contract on the London stock exchange (ICE/Europe), in turn, showed an even more significant increase during the period, appreciating 3.1% and going from GBP 2,637/ton to GBP 2,720/ton between the 11th and 18. During this period, there was a 1.4% drop for the Commodity Research Bureau (CRB) commodity futures price index, while the Dollar Index gained strength and advanced 0.5%. In the last week, abundant rains have been reported in the main cocoa-producing regions of Côte d'Ivoire, so the weather has benefited the development of the fruits that will be harvested during the next main harvest. In recent days, greater solar incidence ...

Source: NoticiasAgricolas