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The cocoa rally explained
Manage episode 407129287 series 3558065
Innhold levert av RaboResearch Agri Commodities and Rabobank RaboResearch Food. Alt podcastinnhold, inkludert episoder, grafikk og podcastbeskrivelser, lastes opp og leveres direkte av RaboResearch Agri Commodities and Rabobank RaboResearch Food eller deres podcastplattformpartner. Hvis du tror at noen bruker det opphavsrettsbeskyttede verket ditt uten din tillatelse, kan du følge prosessen skissert her https://no.player.fm/legal.
The cocoa rally shows no signs of slowing, with the London March24 contract up 58% YTD. Meanwhile, the New York contract set a new all-time high in the first half of February, surpassing, in nominal terms, the previous record set in 1977. Since then, prices have moved 20% higher! In this podcast, we discuss the factors contributing to this unprecedented price rally. In our view, recent price action is fundamentally driven by systemic production issues in West Africa that have led to an enormous supply deficit, the third in a row. Current market dynamics are incomparable to prior seasons, thus creating enormous panic among market participants.
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