Cocoa surged beyond $12,000 per tonne, reaching its highest levels since April due to mounting concerns over West Africa’s mid-crop outlook.
Dry conditions, exacerbated by seasonal Harmattan winds, have hindered production, while global demand remains strong.
The International Cocoa Organization (ICCO) raised its 2023/24 global cocoa deficit estimate to 478,000 MT, marking the largest shortfall in over six decades. At the same time, ICE-monitored U.S. cocoa inventories have shrunk to a 20-year low.
Bitcoin soared to a new all-time high of $107,899, fueled by growing prospects for a U.S. strategic Bitcoin reserve.
President-elect Donald Trump reaffirmed support for the reserve, emphasizing U.S. leadership in the crypto space.
Wyoming Senator Cynthia Lummis highlighted the Bitcoin Act’s potential to strengthen America’s financial position. Investor optimism, combined with Bitcoin’s 150% surge this year, reflects expectations of pro-crypto policies and regulatory clarity.
On Wall Street, the Nasdaq 100 climbed 1.45%, hitting a new record high as major tech stocks, including Alphabet, Tesla, Amazon, and Apple, posted fresh gains.
Investor focus remains on the Federal Reserve’s interest rate decision this week, with a 25-basis point cut widely expected.
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