Australian shares are set to edge lower, following New York. Bitcoin rallies to $US70,000. Cocoa extends surge higher.
Cocoa extended its surge — surpassing $US9000 a tonne for the first time ever — as a supply crunch grips the market and chocolate makers grapple for beans, Bloomberg report. Futures are up about 50 per cent this month alone and have more than doubled already this year.
“The secular bull markets from 1950-1966 and 1980-2000 lasted 16 and 20 years, respectively, which means that the current secular bull market is middle-aged and can extend until 2029 to 3033. In our view, the 2020 dip resembled the dips in 1987 and 1957. If this was ‘halftime’ for the current secular bull market, it does not rule out a 14-year secular bull market ending in 2027.”In a note Morgan Stanley’s equities team said the rally will need a new catalyst.
“While someone losing their job is rarely something to celebrate, we think that this is probably a wise move by the Boeing board of directors,” Robert Stallard, an analyst with Vertical Research Partners, told clients Monday. “Many of Boeing’s customers, suppliers and other stakeholders have arguably lost faith in the company.”
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