Commodity Roundup: Cocoa futures face 22% monthly drop as West Africa supply fears ease
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 28 2024
0mins
Source: SeekingAlpha
- Cocoa Futures Decline: Cocoa futures experienced a significant drop due to improved weather conditions in West Africa, leading to the third-straight weekly fall and the largest monthly decline in over a year.
- Factors Affecting Cocoa Prices: The decline in cocoa prices was attributed to expectations of crop recovery in Ghana and Ivory Coast for the upcoming season, prompting selling activities by commercial and fund traders.
- Oil Prices Increase: Oil prices saw a rise for the third consecutive week, driven by expectations of interest rate cuts by the U.S. central bank and anticipation of key inflation data.
- Future Outlook for Oil Prices: Despite the current increase, there are predictions that oil prices may have limited upside potential due to factors like global economic growth concerns and the return of OPEC+ barrels.
- Recent Commodity Price Movements: Various commodities witnessed price fluctuations, with crude oil, natural gas, palladium, platinum, gold, corn, wheat, and soybeans showing changes. Additionally, different commodity ETFs were highlighted for investors.
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Analyst Views on AUST
About AUST
Austin Gold Corp. is a Canada-based gold exploration company. The Company is focused on gold targets and making district-scale gold discoveries in the southwestern United States. The Company has two projects in Nevada and one in Oregon: Kelly Creek, Lone Mountain and Stockade Mountain (Oregon). The Kelly Creek Project is located on the Battle Mountain-Eureka (Cortez) gold trend in Humboldt County and the Lone Mountain Project is on the Independence-Jerritt Canyon gold trend in Elko County. Collectively, these Nevada properties comprise approximately 78.9 square kilometers (km2) of unpatented lode mining claims and private property. In Oregon, the Stockade Mountain Project consists of approximately 21.5 km2 of unpatented mining claims situated in a geological environment that appears the same as the nearby Grassy Mountain Deposit that is being permitted for underground mining. The Company's subsidiary is Austin American Corporation.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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