Election, what election?
Completely unaffected by the impending US vote, coffee and cocoa have been moving on their individual supply stories.
Coffee has hit a near two-year high of $1.762 a pound on continued concerns of tight supplies from Brazil. Hedge funds and other speculators have been buying the commodity and their ‘net long’ positions are close to their February 2008 record, reports Emiko Terazono in London.
Despite the bullishness, Commerzbank warns that the market could be vulnerable to profit taking.
It says:
Moisture levels are already good in the Arabica belt. Blossoming is described as promising. In other words, there is reason to hope that the next Arabica crop will be a good one, despite this being the lower-yield year of the two-year cycle.
Cocoa, on the other hand, has fallen back on expectations of weaker demand due to the high prices and a strong crop in West Africa. Cocoa traded in New York is trading at $2,488 a tonne, the lowest level since September 2013.with the London contract at £2,031 a tonne, a nine-month low.
http://ift.tt/2fgPj9g
Tidak ada komentar:
Posting Komentar