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Cacao prices tumble to five-month low as the trade war intensifies
Cacao prices tumbled on Tuesday and expanded their losses amid a heavy selloff that hit most assets around the world with the trade war intensifying.
Analysts are concerned about a global economic recession due to the trade wars, which impact agricultural demand on cacao among other crops.
The US imposed gigantic 104% tariffs on Chinese products starting Wednesday as a punishment to China’s punitive tariffs on US products.
China’s government vowed to fight till the end and called out the “blackmailing nature” of the US.
On trading, cacao futures tumbled 3.5% in London to 5764 pound per ton, a November 13 low.
Cacao futures in New York fell 3% to $7823 a ton.
Arabica coffee futures dipped 0.2% to $.441 a pound, while Robusta coffee rose 0.6% to $4825 a ton.
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