AIRLINK 88.20 Increased By ▲ 1.00 (1.15%)
BOP 5.07 Increased By ▲ 0.05 (1%)
CNERGY 4.15 Increased By ▲ 0.06 (1.47%)
DFML 38.10 Increased By ▲ 0.20 (0.53%)
DGKC 93.70 Decreased By ▼ -0.18 (-0.19%)
FCCL 23.83 Increased By ▲ 0.06 (0.25%)
FFBL 32.81 Increased By ▲ 0.14 (0.43%)
FFL 9.20 Decreased By ▼ -0.05 (-0.54%)
GGL 10.01 Decreased By ▼ -0.02 (-0.2%)
HASCOL 6.54 No Change ▼ 0.00 (0%)
HBL 127.50 Increased By ▲ 5.58 (4.58%)
HUBC 147.03 Increased By ▲ 1.38 (0.95%)
HUMNL 10.74 Increased By ▲ 0.24 (2.29%)
KEL 4.75 Increased By ▲ 0.01 (0.21%)
KOSM 4.20 Increased By ▲ 0.01 (0.24%)
MLCF 38.80 No Change ▼ 0.00 (0%)
OGDC 135.26 Increased By ▲ 0.25 (0.19%)
PAEL 25.15 Increased By ▲ 0.07 (0.28%)
PIBTL 6.36 Increased By ▲ 0.09 (1.44%)
PPL 120.10 Increased By ▲ 0.42 (0.35%)
PRL 24.30 Increased By ▲ 0.20 (0.83%)
PTC 12.32 Increased By ▲ 0.10 (0.82%)
SEARL 59.93 Increased By ▲ 0.13 (0.22%)
SNGP 64.90 Decreased By ▼ -0.10 (-0.15%)
TELE 7.98 Increased By ▲ 0.11 (1.4%)
TPLP 9.55 Decreased By ▼ -0.19 (-1.95%)
TRG 64.70 Increased By ▲ 0.40 (0.62%)
UNITY 27.05 No Change ▼ 0.00 (0%)
WTL 1.32 No Change ▼ 0.00 (0%)
BR100 8,424 Increased By 114.1 (1.37%)
BR30 26,174 Increased By 223.9 (0.86%)
KSE100 79,643 Increased By 841.2 (1.07%)
KSE30 25,794 Increased By 356.5 (1.4%)

NEW YORK: London cocoa futures on ICE rose to a new 46-year high on Friday, gaining 4% in the week, as lower-than-expected production in Ghana helped to tighten global supplies.

COCOA

December London cocoa settled up 73 pounds, or 2.5%, at 3,050 pounds per metric ton after touching the highest since 1977 at 3,053 pounds. The market has regularly set new 46-year highs since late June, lifted by tightening supplies as crop problems in West Africa contribute to a substantial global deficit expected in the current 2022/23 season (October/September).

Cocoa output from Ghana is expected to be around 11% lower than a 750,000 metric ton target in the current 2022/2023 season. “We forecast that the market will return to a more-or-less balanced position in 2023/24 but note that risks to this view are skewed to the downside at present in light of production risks ahead of the main West African harvests,” BMI, a unit of Fitch Solutions, said in a report.

A Reuters poll of traders and analysts issued in late August had a median forecast of a deficit of 173,000 metric tons in the 2023/24 season. December New York cocoa rose $42, or 1.2%, to $3,654 a ton.

SUGAR

October white sugar settled down $6.50, or 0.9%, at $726.80 a ton, after touching a 12-year high of $753.10 earlier this week. The sweetener is being driven by concern over dimming supply prospects in India, one of the world’s top producers. October raw sugar fell 0.37 cent, or 1.4%, at 26.31 cents per lb after hitting a more than a four-month high of 27.10. The contract gained 1.9% in the week. Citi said its commodities team “remains bullish on ICE sugar in the short-to-medium term,” due to the weather issues in Asia.

Comments

Comments are closed.