Cocoa prices continue to plummet to 1-month low

Commodity market today, June 28, 2024: World raw material price index reversed and recovered slightly Commodity market today, July 1, 2024: Commodity market closed the trading week with strong fluctuations

The overwhelming green color of the price list of agricultural products, energy and metals helped the MXV-Index recover 0.59% to 2,264 points, returning to the highest level in the past week.

Thị trường hàng hóa hôm nay ngày 2/7/2024: Giá ca cao tiếp tục lao dốc xuống mức thấp nhất 1 tháng

Cocoa prices fall 5.67% on supply shortage concerns

Cocoa prices continued to fall sharply by 5.67% to $7,293/ton, hovering at a one-month low. The market is still hoping for positive weather signals that will support the cocoa crop in West Africa.

Industrial raw material price list

However, the market is still in a state of shortage. Cocoa exporters in Ivory Coast said that as of June 30, the amount of cocoa arriving at ports in the country reached 1.596 million tons, down 27.4% compared to the same period last season.

Iron ore prices rise more than 3% on hopes of China economic stimulus

At the end of the trading session on July 1, the metal market had mixed developments. For precious metals, silver prices increased slightly by 0.18% to 29.61 USD/ounce, but selling pressure almost overwhelmed silver for most of yesterday's session. Meanwhile, platinum prices weakened by 2.5% to 988.7 USD/ounce.

Metal Price List

Right from the opening, the prices of these two commodities were under pressure as investors were cautious as the market received a series of important macro data this week, including the manufacturing purchasing managers index (PMI), the June interest rate meeting minutes and the US non-farm payroll report.

The weakness in silver and platinum prices continued into the evening session, driven by a stronger US dollar. Despite weak economic data, as the US manufacturing PMI contracted for the third consecutive month, the US dollar rose sharply in the evening session on optimism about the case of former President Donald Trump.

Specifically, the US Supreme Court has ruled that he will have some immunity from criminal prosecution. This move is considered beneficial for Mr. Trump. Meanwhile, investors are now expecting that if Mr. Trump wins the election in November, the US economy will benefit. Therefore, this information has had a "bullish" impact on the USD, causing the Dollar Index to increase sharply from 105.6 to 105.9 points. The price of precious metals is therefore also under pressure.

For base metals, COMEX copper prices rose 0.6% to $9,740.01 a tonne following a series of optimistic forecasts from analysts.

Specifically, industry experts believe that copper has the potential to increase sharply in the second half of this year, as supply continues to tighten while demand improves in China. According to forecasts, the copper concentrate market could have a deficit of about 500,000 tons by 2025, up from an expected deficit of 200,000 tons this year.

Accordingly, Citi Research forecasts that copper prices will stabilize at $9,500 in the third quarter and increase to $12,000 by the end of this year to the first quarter of next year.

In the same trend, iron ore prices increased by more than 3% to 110.08 USD/ton, the highest level in the past two weeks. Iron ore is a commodity sensitive to China's economic stimulus. Therefore, the expectation that China will continue to launch measures to support the economy at the Central Conference (July 15-18) helped iron prices receive strong buying power in yesterday's session.

Prices of some other goods