Cocoa soared to 3.5-year highs this week on fear that the Ebola outbreak could reach Ghana and Ivory Cost, the two biggest producers of the commodity.
By contrast, Brent oil prices fell to two-year lows on worries over ample supplies and weak demand, as well as the strong US dollar.
Commodity markets also digested news that the US economy — a key consumer of raw materials — grew more strongly than thought in the second quarter. GDP surged at an annual rate of 4.6 percent: the fastest rate since late 2011 and revised from 4.2 percent.
Photo: AFP
COCOA: Prices rocketed to levels last seen in spring 2011 as traders fretted over the Ebola epidemic in West Africa, which produces 72 percent of the world’s cocoa.
Over the past two weeks, cocoa prices rose by about 10 percent as fears escalated that the disease could spread to Ghana and Ivory Coast, which account for 60 percent of global cocoa output.
The market on Thursday rallied to £2,187 per tonne in London and US$3,399 per tonne in New York, the highest points for 3.5 years.
“October is a critical month for the cocoa market as it signals the beginning of the harvest. Any disruptions in transportation or labor shortages in the world’s two largest producers could have a significant positive impact on the price,” Saxo Bank analyst Ole Hansen said.
By Friday on LIFFE, London’s futures exchange, cocoa for delivery in December leapt to £2,151 a tonne from £2,069 a week earlier.
On the ICE Futures US exchange, cocoa for December jumped to US$3,356 a tonne from US$3,200.
OIL: Brent prices dived on Wednesday to US$95.60 — the lowest level since July 2012 — on worries over abundant crude supplies, poor global economic data and a weaker demand outlook.
Losses were capped somewhat by worries over US-led airstrikes against jihadists in the oil-rich Middle East and after news of a surprisingly heavy drop in US crude inventories.
By Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in November stood at US$96.91 a barrel compared with US$97.76 one week earlier.
On the New York Mercantile Exchange, West Texas Intermediate, or light sweet crude, for November gained to US$93.16 a barrel, compared with US$92.85 for next month’s expired contract.
SUGAR: Futures rebounded from a four-year low the previous week.
By Friday on LIFFE, the price of a tonne of white sugar for December traded at US$427.60, compared with US$412.10 a week earlier.
On ICE Futures US, the price of unrefined sugar for October rallied to US$0.1642 a pound (0.45kg) from US$0.1376 a week earlier.
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