April 30, 2024 | 16:08 GMT +7
Hotline: 0913.378.918
April 30, 2024 | 16:08 GMT +7
Hotline: 0913.378.918
Cocoa prices are changing unpredictably in the market.
After setting a record of USD 10,559 per ton, cocoa prices decreased by more than 7%, mainly due to many profit-taking sell orders on the trading market.
Ivory Coast and Ghana, the two largest cocoa suppliers globally, are experiencing one of the worst cases in history.
Trader Ecom predicts that Ivory Coast's 2023-2024 cocoa output will decrease by 21.5% compared to the previous crop, reaching its lowest level in 8 years. From the beginning of the crop (October 2023) to April 7, 2024, the amount of cocoa arriving at ports in Ivory Coast is about 1.3 million tons, down 27.4% compared to the same period of the previous crop.
Like cocoa, sugar prices fell for eight consecutive days, reaching their lowest level in 15 months. The reason is because global supply is expanding.
In Brazil, the world's largest sugar supplier, the weather has been relatively favorable recently, with heavy rains in key production areas, helping to improve the outlook for sugarcane output this year from 2024-2025.
In addition, France has pegged the sugar beet area in 2024 at 399,000ha, an increase of 4.9% compared to 2023.
Cotton prices decreased by 2.42% to the lowest level in the past three months due to weakening world demand for US cotton. According to the weekly export report ending April 11, the US sold only 81,500 bales of cotton for the 2023-2024 crop, down 4% from the previous week and 10% compared to the prior 4-week average.
Cotton exports this week were only 274,100 bales, down 25% and 23%, respectively, compared to the previous week and the average of the last four weeks.
On the contrary, coffee continued to be the bright spot of the entire raw material market as it continued to extend its upward momentum yesterday. However, the upward momentum has weakened significantly compared to previous sessions.
At closing, Robusta coffee prices increased 0.71% to USD 3,977 per ton, maintaining a 30-year peak and approaching a record of USD 4,000 per ton. Meanwhile, Arabica coffee prices increased by 0.68%, the highest since September 2022.
Translated by Huong Giang
(VAN) India's 5% broken parboiled variety was quoted at $528-$536 per ton this week, down from last week's $538-$546. Prices hit a record high of $560 last month
(VAN) This year's winter-spring rice in Tra Vinh is successful, with rice prices increasing by VND 2,000/kg compared to last year's winter-spring crop.
(VAN) Coffee prices on 04/25/2024 surged across the board. Domestic coffee prices increased by VND 1,600, trading between VND 131,500 - VND 131,500/kg.
(VAN) Pepper prices in the domestic market fell by VND 1,500 on 04/25/2024, bringing the domestic black pepper price to around VND 96,500 - 97,000/kg.
(VAN) Phu Yen farmers rejoice in harvesting bumper winter-spring rice, with record-high prices.
(VAN) Pepper prices on 04/24/2024 decreased slightly in Indonesia. Domestic pepper prices remained stable, trading around VND 96,500 to VND 98,000/kg.
(VAN) Coffee prices on 04/24/2024 fluctuate globally. Domestic coffee prices increased by VND 2,500, reaching the range of VND 129,300 to VND 130,500/kg.
