Markets: Commodities
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.n Coffee futures soared to a 20-year high, jumping 27 per cent last week as forecasts for this summer's crop from Brazil, the world's largest producer, fuelled worries that roasters may be caught short of supply in coming months. The market was also set alight after Colombia, the second-largest producer, authorised its state-owned coffee federation to pay any price necessary to obtain supplies to meet export commitments.
n Coffee isn't the only thing making breakfast more expensive. Orange juice futures rose 12.6 per cent last week as traders bet retail demand will climb as summer approaches. Some even think a recent drop in futures prices to four-year lows could help keep retail prices low at the start of a seasonal jump in demand brought by warmer weather in the US and Europe.
n Copper prices surged 4.8 per cent to their highest price since last May - just weeks before Sumitomo Corp announced a $2.7bn loss as the result of unauthorised copper trading. Steady demand from a growing world economy and concern about supply disruptions pushed stockpiles registered with the LME to less than half their level of a year ago. The LME now holds less copper in its warehouses around the world than is consumed in a week.
n Wheat futures fell 6.5 per cent last week after a government report said improved crop conditions bolstered expectations that the harvest in June and July could exceed estimates. Wheat prices, which soared after an unexpected spell of freezing temperatures hit the US Mid-West, have retreated since warmer weather and good rainfall came to the region. Initial estimates that up to 300 million bushels were lost are now being pared. Copyright: IOS & Bloomberg
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments