Commodities
Cocoa: Bearish outlook seen
INTERNATIONAL cocoa prices have recently bounced off their lowest levels in 27 years. However, current prices hover around $784 per tonne, 47 per cent lower than levels in January 1999 and 15 per cent lower than the levels a year ago. Surplus world produ ction of cocoa, coupled with sluggish demand has tended to put cocoa prices under pressure over the past couple of years. A decision by the European Union early this year to allow chocolate makers to substitute up to 5 per cent of the cocoa content in ch ocolates with vegetable fat, has also impacted offtake.

Gold holds steady, silver weak
GOLD tested but failed to break resistance around $268 per ounce several times last week and ended the week little changed at $265.55/oz, London PM Fix. Late in the week, the activity was dampened due to holiday in the US.

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