Cocoa rose 72 in 2023 to 46year high on supply disruptions
Iron ore gains driven by Chinese purchases, stimulus hopes
El Nino dry weather reduced global rice supplies, lifting prices
Power fuels set to end 2023 in deep red amid rising supplies

SINGAPORE, Dec 29 Reuters 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.

The Thomson ReutersCoreCommodity CRB Excess Return Index, which includes more than a dozen commodities such as oil, gold, sugar and copper, is set to fall 4 for 2023 after interest rate hikes dampened global growth and shook financial markets.

Cocoa prices rose 72 to multidecade highs because of constrained supplies and iron ore was up nearly 55 as China looked to shore up its property sector.

But the prices of natural gas and coal tumbled from 202239;s record highs after Russia39;s invasion of Ukraine and were among the biggest losers as producers ramped up supplies and demand eased.

A warm start to this winter has kept prices deflated so far, and if it remains warm as forecast, most regions will be able to tide through this winter comfortably, with even more to spare for next year39;s winter, said Rystad energy analyst Lu Ming Pang.

Macquarie analysts said in a note they expect aggregate commodities price weakness to continue in 2024, with U.S. economic growth to soon…