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“#Demand for chocolate fuels surge in cocoa price” The Omicron variant has done nothing to dampen Americans’ sweet tooth. Demand for chocolate remains high nationwide as retail sales rose by more than 5% per quarter, according to Bloomberg. The high demand coupled with tightening supply has led to a sharp spike in the price of…
“#Suez Canal traffic jam eases further after ship unblocked” The maritime traffic jam on both ends of the Suez Canal eased further on Friday, four days after the dislodging of a massive containership that had blocked the waterway, a canal services firm said. On Monday, salvage teams freed the skyscraper-sized Ever Given, ending a crisis…
“#Kimberly-Clark, Kleenex and Cottonelle maker, raises prices” Kimberly-Clark said Wednesday it would raise prices on many of its products including Scott toilet paper, tissues and diapers in the United States and Canada to offset rising commodity costs. The company saw its products roll off supermarket shelves as shoppers stockpiled essential staples ahead of curfews and…
“#Suit slams Turkish firm for passing off stones as copper” Mercuria Energy Trading has launched a civil suit against a Turkish firm over what the global commodity trading firm’s lawyer described as fraud related to a deal to buy copper worth $36 million. Last year, Geneva-based Mercuria agreed to buy about 10,000 tonnes of copper…
“#Reddit’s ‘epic’ silver squeeze is only helping Wall Street” Finally, a “Reddit rally” Wall Street can get behind. The merry band of day traders behind runaway stocks like GameStop piled into silver on Monday in an effort to squeeze Wall Street. But metals market experts say the resulting rally is more likely helping, rather than…
“#Price of silver surges as Reddit traders find new target” Silver surged to its highest price in years on Monday as it became the latest target for a brigade of day-traders on Reddit. The precious metal was recently trading up about 9 percent at about $29.40 an ounce after rising above $30 for the first…
“#Goldman Sachs says commodities poised for bull market” Goldman Sachs on Wednesday maintained its “overweight” recommendations for commodities in 2021, reasoning the sector was possibly the best hedge against likely inflation and poised for another bull market. The bank forecast a return of about 27 percent over a 12-month period on the S&P/Goldman Sachs Commodity…