Copper, cocoa, coffee all running hotter

COPPER was the big mover this week, rising by 1.4% to $US4918.25 per tonne midweek – its highest price since early May – after briefly rising above $5000/t yesterday for the first time since April.

ANZ Research noted that Chinese copper imports remained strong in June, up by 20.3% year-on-year.

"A combination of opportunistic restocking and selective stimulus measures in recent months have improved domestic demand, resulting in these strong import numbers," ANZ said.

"However, Brexit could cloud China's export outlook, and place some downward pressure commodity imports in coming months."

Lead was the only other positive mover on the LME, rising by 0.6%, while nickel dropped 1.3% to $10,307.50/t.

Gold rose to $1344.70 an ounce yesterday.

Cocoa increased $US4 per tonne or 0.13% to $3149/t yesterday from $3145/t in the previous trading session, tradingeconomics.com reported. Cocoa rose 1.25% during the last week, 1.45% during the last month but was down 6.08% during the last year. Historically, cocoa reached an all-time high of $4361.58/t in July, 1977 and a record low of $211/t in July, 1965.

Coffee increased 3.55c per pound or 2.40% to 151.60c yesterday from 148.05c/lb in the previous trading session, tradingeconomics.com reported. Coffee rose 6.91% during the last week, 10.62% during the last month and 16.84% during the last year. Historically, coffee reached an all-time high of 339.86c/lb in April, 1977 and a record low of 42.50c/lb in October of 2001.

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