Pacific commodity prices analysed

 COMMODITY prices for Pacific countries started the year in similar trend to that of last year, although there were slight differences, ANZ Research – Pacific Monthly said.  

According to the research, gold prices had stabilised with energy prices moderating, while soft commodity prices were mixed.

The research, put together by ANZ economists and analysts, said gold prices stabilised around US$1,250 (K3,026.63), from the end of last year sell-off,  with prices dipping to US$1,190 (K2,881.35). 

Physical demand ahead of Chinese New Year had kept the prices afloat.

The research noted that oil prices had eased despite brighter global growth prospects. 

Notably, the World Bank upgraded forecasts recently. 

“The prospect of energy independence in the US has been a key driver, while weaker US non-farm payrolls also shocked the market.” 

Copra prices rebounded over the past 30 days, continuing a strong trend upwards from the middle of 2013. 

Coconut and palm oil gains were more modest.

Sugar prices fell further, onthe back of an estimated 6m tonne global sugar surplus. 

Prices may come under more pressure due to subsidised exports from India, the research further highlighted.

Cocoa prices dipped with higher than expected delivery of beans from the Ivory Coast.