Wednesday, November 13, 2024 2:58:00 AM - Markets closed
VN-INDEX 1,244.82 -5.50/-0.44%
HNX-INDEX 226.69 -0.17/-0.07%
UPCOM-INDEX 92.39 -0.01/-0.01%
Prices of raw materials surge, led by cocoa with a 6.3% increase
vietnamnews - 11/9/2024 10:01:23 AM
 (0 ratings. You must sign in to rate.)
All nine items in the industrial raw materials group recorded price increases, with cocoa leading at a significant 6.3 per cent rise.
 
 
Farmers drying cocoa beans. — Photo bnews.vn
 
The Vietnam Commodity Exchange (MXV) reported that on November 7, a surge in raw material prices across the board lifted the MXV-Index by 1.69 per cent to 2,208 points, marking the highest level in three weeks.
 
All nine items in the industrial raw materials group recorded price increases, with cocoa leading at a significant 6.3 per cent rise, followed closely by Arabica and Robusta coffee, which both climbed over 4 per cent.
 
Cocoa saw the highest price increase among industrial raw materials, with a 6.3 per cent gain driven by capital flows across financial markets. Cocoa production in Ghana, the world’s second-largest producer, has partially recovered this year but remains below historical averages.
 
Meanwhile, cocoa arrivals at ports in Côte d'Ivoire, the world's largest cocoa producer, may decline in December due to recent heavy rain and flooding, which has impacted bean quality. According to estimates from a European export company executive, approximately 20-25 per cent of the beans are of poor quality, and around 10-15 per cent have been rejected.
 
Arabica coffee prices increased by 4.7 per cent, reaching their highest price in nearly a month, while Robusta coffee rose by 4.2 per cent. This price hike is attributed to inter-market capital flows, as the Dollar Index dropped by 0.55 per cent, with investors shifting away from safe assets in favour of more lucrative investments such as commodities and stocks.
 
Concerns over Brazil's coffee crop for 2025-26 also contributed to these gains, as recovery remains uncertain despite recent rainfall.
 
Agricultural analyst Ana Carolina Gomes noted that the quality of coffee beans for the 2025-26 season has not improved significantly, even though substantial rain since mid-October has helped coffee plants enter the main flowering period. The upcoming 2025 harvest is expected to be lower due to the previous drought and prolonged high temperatures.
 
Key coffee-growing areas in Brazil have recorded rainfall levels below the historical average, adding to concerns over crop recovery.
 
Domestically, coffee prices in the Central Highlands and Southeast regions of Vietnam currently range from VNĐ107,500 to VNĐ108,000 (US$4.22) per kilogramme, nearly double the prices from the same time last year, when they ranged from VNĐ60,200 to VNĐ61,000 per kg.
 
This year to date, coffee prices have risen over VNĐ40,000 per kg from VNĐ67,500–68,400 per kg. The market continues to be affected by weather conditions, with Brazil experiencing drought while rain is forecast for Vietnam this weekend. — VNS
 
Read original article here
Newer News
12/11 National Assembly deputies have been debating whether a 5 per cent VAT tax on fertiliser should be reintroduced during a season in Hà Nội.
12/11 First ESG real estate complex in Vietnam to be built in Da Lat
12/11 63% of Vietnamese consumers expected to increase spending on essential goods in 2025
12/11 VN's trade turnover surges 16% in ten months
11/11 Footwear industry eyes UKVFTA to bolster exports
11/11 Ten-month retail sales of consumer goods, services up 8.5%
11/11 Vietnamese e-commerce platform revenues fall in third quarter
11/11 Processing, manufacturing industry needs to further penetrate global supply chains
11/11 Vietnam attracts a new wave of high-value investments
11/11 Vietnam to maintain economic growth in 2025: forum
Older News
09/11 Dak Lak to carry out reforestation project worth over US$19 million
09/11 Nam Dinh unveils its seventh industrial park
09/11 Hanoi's 10-month export value tops $15.5 billion
09/11 EU is important VN partner for trade, green transformation: forum
08/11 Automotive support industry strives to become spare part supplier
08/11 Vietnam’s auto industry strives to reach global recognition
08/11 Vietnam Air Cargo Day 2024 Forum takes place for the first time in Hanoi
08/11 Bac Giang promotes service development to attract high-quality FDI
07/11 Foreign investment disbursement hits $19.58b in 10 months
07/11 VN posts trade surplus of US$23.31 billion in 10 months
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 3:05:02 PM
VN-INDEX 1,244.82 -5.50/-0.44%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.