Cashew Update 26.06.24

Date: 26th June 2024 Category: Latest News
Cashew Update 26.06.24

This week, the global cashew market underwent significant changes. In Vietnam, the price of raw cashew nuts (ECN) is falling due to decreased demand. Previously, processors were worried during the export suspension from the Ivory Coast, but they now realise that kernel buyers are reluctant to pay high prices relative to RCN. Additionally, an influx of RCNs from Africa and small speculators rushing to sell their stored RCN and kernels are causing prices to drop quickly. The Ivorian government has lifted the export ban on RCN stocks in warehouses, pending official validation. In Ghana, the cashew season is winding down with few transactions taking place. Nigeria is seeing high RCN prices accompanied by reduced quality across the market.

In Vietnam, the kernel market is facing downward pressure due to high RCN costs. Prices have been fluctuating, and processors are struggling to secure raw materials and book shipment space. They indicate that if they must purchase RCN at $1200 - USD 1250/MT, the parity price for W320 would need to be around $2.95 - $3.00 per lb FOB.

In India, domestic cashew prices remain robust. New crops in Goa and Maharashtra are being offered at INR 120 - INR 125 per kg (plus GST), while prices from other origins range between INR 135 and INR 150. Short-term volatility is expected to persist. Stakeholders should stay informed and flexible to navigate these changes effectively.

via kpehraj