|
Cocoa prices rise sharply
Over the past two days, cocoa prices on the world market have reached their highest levels for 20 years.
Cocoa prices on the London market on October 8 were around US$3,394 per tonne. The sharp increase is due to an increasing demand from Germany, the largest confectionary producer in Europe, while the market is short of supplies of cocoa.
The domestic price in Dak Lak is currently VND49,000 per kilogram, VND2,000 per kilogram higher than in early October.
According to the International Cocoa Organisation, the world’s leading confectionary factories will increase their demand from between 1.5 percent to 2 percent in this crop, thus the global market will be short of 38,000 tonnes of cocoa.
Meanwhile, the Vietnam Cashew Nut Association reported that over the past few days world cashew nut prices have hit US$4,800 per tonne, US$300-400 per tonne higher than before. Since early this year, Vietnam has exported 130,000 tonnes, at an average price of US$4,600-4,700 per tonne. The association estimates that cashew nut exports reach US$750-800 million, surpassing this year’s target, but lower than last year’s figure.
This year, cashew nut exporters around the world, including Vietnam, India and African countries have recorded bad harvests, leading to shortage of materials. To cope with this, the association warned that businesses should quickly fulfill their contracts to avoid losses due to fluctuating prices similar to 2008, and only sign other contracts if they have enough reserves.
vov
|
