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Home Business Agribusiness

Cocoa Surges Back to $10,000 a Ton on Growing Supply Fears

9 months ago
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Cocoa Surges Back to $10,000 a Ton on Growing Supply Fears

Cocoa futures climbed to the highest in nearly six months on mounting concerns over lower output in West Africa, with global supplies already tight.

The most-active contract rose as much as 2.4% to $10,092 a ton in New York, the highest since June 14, before paring back. Futures are headed for the sixth straight week of gains, marking the longest rising streak since late March.

Prospects for a production recovery in Ivory Coast and Ghana, the world’s biggest cocoa growers, are dwindling with a period of dry weather in the region. The onset of the seasonal dusty Harmattan winds could worsen the situation, according to Jonathan Parkman, head of agricultural sales at Marex Group.

“What began like a good crop has suffered poor weather and the prospects for production have deteriorated,” said Parkman. “A tightening balance sheet, when stocks are also low, is causing a bit of concern for the market.”

Bean stockpiles in the US have continued to shrink, reaching the lowest since 2004, as companies faced with higher prices draw down inventories. Traders like Pierre Andurand have also been bullish on cocoa, citing a market in structural deficit following consecutive bad harvests and dwindling stockpiles in consuming countries.

Arabica coffee headed for a fifth week of gains, the longest winning streak in about six months. The most-active contract in New York gained as much as 4% on Friday.

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Supplies are tight, and staying above $3 a pound may be necessary for a while, said Thiago Cazarini, president of Cazarini Trading Co. The rally has so far been driven by commercial players, but bullish speculators could drive prices even higher to $3.50 to $4 a pound, he said.

Source: bloomberg
Via: norvanreports
Tags: 000 a Ton on Growing Supply FearsCocoaCocoa Surges Back to $10

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