Prices for September-delivered cocoa peaked at £2,465 a tonne on 19 July, the highest level for a second-month contract in 32 years. Cocoa prices are now around 25% higher than their peak in June 2008, a year that saw food commodity prices increase dramatically across the world.
Cocoa may see price spike, despite output hopes
Cocoa, last year's soft commodities' laggard, could yet experience the rally enjoyed by its peers, and potentially "spike" towards record highs, ABN Amro said, even while raising forecasts for supplies of the bean. The comments came as cocoa futures reached a five-month high in London, and their best for nearly a year in New York.
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Global cocoa prices: 2010-2011 forecast
Cocoa's recent price hike was triggered by Armajaro, a London-based hedge fund specialising in commodity trading, purchasing around 250,000 tonnes of cocoa. This transaction - worth around £650 million - amounts to around 25% of total cocoa stocks available in Western Europe, according to estimates from the International Cocoa Organisation (ICCO). Read More...
London’s FTSE May Open 16 Points Stronger
London’s FTSE 100 may open 16 points higher at 5,960, the Dax index in Germany may rise 21 points to 7,089, and France’s CAC 40 is forecast to put on 12 points to start trading at 4,045; the Dow Jones Industrial Average may shed 8 points at the open to 11,973, IG Markets said. Read More...
Ivory Coast Cocoa Farmers Fail to Find Buyers After Export Ban
While cocoa prices are 13 percent higher than they were before the elections, they have declined 8.6 percent since Jan. 24 in London on speculation there are enough stockpiled beans outside the country to meet demand. The Ivory Coast harvests two crops a year, the main one starting in October and a smaller one that usually begins in April. Read More... For the latest updates PRESS CTR + D or visit Stock Market news Today
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