Cocoa prices rise due to supply deficits in West Africa
Oil, iron ore face declines in 2025 on weak Chinese demand
Gold likely to climb in 2025 on Trump policy risks

SINGAPORE, Dec 31 Reuters Cocoa and coffee are poised to close 2024 as the biggest gainers among commodities for a second year on a global supply deficit, while steelmaking coal will end as the worst performer, hit by slow growth in China.

Looking ahead, global trade tensions are likely to dominate the commodities landscape in 2025 as Donald Trump returns to the White House threatening hefty tariffs, analysts said.

A strong dollar and gold39;s appeal as a safe haven for investors are likely to support precious metals prices, while ample supply could depress oil for a third year, they added.

In bad news for chocolate lovers, cocoa nearly tripled in price over 2024, far outpacing gains in other commodities. It hit a record high of 12,931 a metric ton in New York earlier this month on forecasts of lower supply for a fourth successive season in West Africa following dry weather.

The softs sector, led by cocoa and coffee, has been the main winner amid adverse weather in key growing regions, highlighting the risk to prices when products like these are produced and sourced from relatively small geographical areas, said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

Top cocoa producers Ivory Coast and Ghana have suffered crop losses due to adverse weather, bean disease, smuggling and…