Cocoa Set for Best Month on Record as Bean Shortages Fuel Rally [BNN Bloomberg (Canada)]
StoneX Group Inc. (SNEX)
Company Research
Source: BNN Bloomberg
Futures have rallied more than 62% this month and have more than doubled since the start of the year, breaking above $10,000 a ton this week. Cocoa buyers are adding long positions as the desperation for beans continues to grow, according to Vladimir Zientek, a trading associate at financial services firm StoneX Group Inc. “The trend has been funds liquidating to take prices lower as they take profits. And then industry buying at the lows of the day, jacking prices back up,” said Zientek. Poor harvests on the back of bad weather and crop disease in Ivory Coast and Ghana, where most of the world's cocoa is grown, and little sign of production relief elsewhere have left the industry in a bind. Structural issues facing West African producers outweigh any short-term relief that could be induced by good rains in the region as models show higher chances of La Nina, the trader added. “I believe the market still has legs. This market has clearly shown us that it has no resistance, it's
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- Indonesia Rate Hike May Not Be Enough to Spur a Rally in Rupiah [BNN Bloomberg (Canada)]BNN Bloomberg
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- 2/6/24 - Beat
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Sec Filings
- 5/1/24 - Form 13F-HR
- 4/11/24 - Form 144
- 4/8/24 - Form 8-K
- SNEX's page on the SEC website