Cocoa and coffee prices have soared to record highs — and Citi says there may still be room to run
Publishing timestamp: 2024-04-04 08:41:44
Summary
Citi says cocoa and coffee prices could continue to rise due to adverse weather conditions and demand expectations. Cocoa futures have surged over 120% this year, with potential for further upside. Difficult weather conditions in West Africa and El Nio-related dryness in other regions are supporting the rally. Citi also expects coffee prices to rally in the short and medium term due to heat waves affecting production.
Sentiment: MIXED
Keywords: u.s. economy, cocoa (may'23), coffee (may'23), markets, business news, breaking news: markets,