Agrifood & Industrial Commodity News (June 5)
The recent surge in metal prices, particularly copper and aluminium, highlights the urgency of staying updated. Similarly, the fluctuations in agricultural prices, such as the drop in cocoa and the rise in orange juice prices, underscore the need for agile supply chain management and strategic sourcing.
Below is an update for 5 key commodities or click the link to download the full 13-page report. Here’s a glimpse of what’s included in this edition:
Base Metals - What's driving up copper prices
Copper: LME stockpiles remain low, supporting prices, while investor pressure is high. However, the all-time high may result in investors moving out of copper and into aluminium
Aluminium: stocks more than doubled in the LME in May, but there is continued investment and players expect the bull run to continue. The price growth and rising inventories are signs of an “inflating price bubble”
Stainless steel: despite shutdowns and delays in shipments, other producers increased their stainless steel output and traders purchased a large volume of imports. The availability of stainless steel is increasing. However, rising stainless steel prices continue to encourage consumers to increase purchases
Energy and Transport
Crude oil prices declined in May as tensions continue to ease in the Middle East – President Biden has sketched a peace deal, but it remains uncertain if this will materialise
Natural gas prices have corrected upwards from multi-year-lows, but storage levels remain elevated
Firm demand reported in the container market, with owners securing premiums for operating in the Red Sea
Who is impacted?
Any buyers or manufacturers sourcing finished products or raw materials from the East should be prepared for price increases due to added journey time or risk premiums?
Energy costs carry relevance for all participants in the supply chain
Orange Juice - Squeezed supply means prices rocket
Supplies of orange juice remain tight, with large juice quantities unavailable
The latest crop forecast in Brazil is smallest since 1988. The industry does not think there will be enough supply to keep up with demand in the coming year
Apple juice forecast coming out this, Month the new crop was affected by a frost markets sources are pessimistic on crop forecast
Who??
Producers and buyers in the beverage industry should be especially aware of the recent volatility in orange juice prices
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Cocoa - What's causing prices to dip?
Speculators have traded out of their long positions, driving large moves downward. As anticipated by industry sources, buyers have bought on the dips to extend coverage, limiting downward moves and sending prices higher
Producers have increased their long positions, contributing to the price recovery observed over the past several weeks.
Cumulative port arrivals in Cote d’Ivoire still lag by around 29% y-o-y, though with reports of some groups withholding beans for higher prices, the real number could be less.
Who?
Buyers in the confectionary sector should be updated on major recent price volatility
Chocolate manufacturers would also benefit from pricing and analysis on cocoa
Skipjack and Yellowfin Tuna Prices Show Recovery
The Mintec Benchmark Prices (MBP) for Thai skipjack tuna increased by $35/MT (+1.9%) during the quarter ending 31 May 2024, after a 10-month downward trend. This change may be attributed to a more dynamic market following the World Tuna Trade Conference. As seasonality demand rises, the industry is optimistic for the quarter ahead of skipjack price. Read more
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Top Commodity Price Movements
Here is a selection of the top agri-food commodity price movements from Mintec. View data
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