Copper prices started rising following Donald Trump’s US election victory, due to expectations his plans to spend $1 trillion on infrastructure over 10 years will raise US consumption. Strong demand for metal in China last year added upward pressure to prices for base metals.
Cocoa bean prices continued to fall to over three-year lows in January, due to higher supplies because production is expected to increase and outstrip consumption in 2016/17. 2015/16 ending stocks were revised up, putting further downward pressure on prices.
Soyabean oil prices fell due to higher crushing in the US, Argentina and Brazil. Prices remain higher year on year, supported by high exports. Global soyabean oil production in 2016/17 is forecast up 4% year on year at 54.2 million tonnes.
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