Cocoa prices up in May, while coffee and cotton drop
Cocoa led global commodity markets in May with a 10% price jump, while coffee, cotton, and sugar saw declines, according to The Globe and Mail analysis, Kazinfrom News Agency reports.
Cocoa prices surged by 10.17% in May, reaching $9,971 per ton on the ICE exchange under the July futures contract. The sharp rise was mainly driven by fears of supply shortages. Despite falling from the record highs seen in December 2024, cocoa remains in an overall upward trend.
In contrast, Arabica coffee had the biggest drop, falling by 14.55% in May. Sugar prices went down by 1.16%, and cotton prices dropped by 1.45%, staying close to their recent lowest levels. Frozen concentrated orange juice prices increased by 6.7%, staying high.
In the precious metals market, platinum had the biggest gain, going up by 8.82%. Silver rose by 0.61%, and palladium increased by 2.55%. Gold prices went down slightly by 0.97% after reaching a record high in April. Among base metals, copper prices stabilized, rising by 1.49% and ending May above $4.65 per pound.
Earlier, Kazinfrom reported that cocoa prices soared more than 20% in May after sharp declines at the start of the year.
