Cocoa prices opened this Monday’s session (29/4) on the New York Stock Exchange with a sharp drop. Lots for July fell 6.14%, recently quoted at US$9,943 per ton. This is the first time in a month that almonds have gone above the US$ 10,000 per ton level.
At the end of last week, commodity prices were experiencing a devaluation due to profit-taking, followed by a 19% increase in Nigeria’s cocoa exports in March, which would be reflected in international prices now, according to Barchart. The country is the fifth largest producer in the world.
Since last week, analysts have pointed out that speculators began to reduce their long positions in cocoa, after the prolonged market rally.
On the contrary, Arabica coffee shares for July opened up 0.38%, at US$ 2.2485 per pound. The value represents stability in relation to prices operated last Friday (26/4), when the forecast of rain in Vietnam for the beginning of May helped to ‘give way’ in Robusta prices in London and had a spillover in New York.
The variable can generate a “lull” in prices, without strong positive volatility on the English stock exchange and, consequently, in New York. “I don’t see a big jump in prices, but a lateralization of the markets,” said Marcus Magalhães, a coffee analyst.
This week full of events that reflect on the market is also short, as there are holidays in Brazil, Europe and China on Wednesday (1/5), while there are also inflationary indices to be released, such as the interest rate in the United States. United States, which could change the dollar exchange rate and affect agricultural commodities.
Cotton operates with stability this morning. The slight increase of 0.90% means that the price is 81.63 cents per pound for contracts expiring in July.
Demerara sugar also rose, after processing data indicated an increase in supply in Brazil, the largest global exporter of the commodity. Lots for July heated up and rose 1.26%, to 19.09 cents per pound.
