Coffee and Cocoa Futures at multi-year lows as demand slump continues
Cocoa (CC) and Coffee (KC) are continuing to trade at multi-year lows as demand for the staples have cratered in the face of COVID-induced consumption slump. Only months ago, market pundits predicted a boost in both commodities as trade tensions between the US and China seemed to fade, and a likelihood that the rapidly growing middle-class of both India and China would boost global consumption in markets which have significant scope for upside. Both markets have typically been regarded as ‘tea-drinkers’, although as Starbucks (SBUX) has demonstrated, the demand for westernised coffee offerings is signifcant in the Chinese market. India may prove a harder demographic to switch from tea, for which they are famous, although the sheer numbers would suggest overall increased global demand. Read more…………..
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