Strong gains for cocoa, iron ore in 2023 as energy prices dip

Cocoa and iron ore prices surged in 2023, while natural gas and coal prices tumbled, with most agricultural products expected to outperform energy and industrial metals in the New Year amid supply constraints and dry weather. Cocoa prices rose 72% to multi-decade highs because of constrained supplies and iron ore was up nearly 55% as China looked to shore up its property sector.

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