The Mintec Global Category Index for nuts, comprising almonds, Brazil nuts, cashews, pistachios, hazelnuts and peanuts, rose by almost 3% month-on-month (m-o-m) on 12th January, to USD 6,229/MT. The Index rebounded from a seven-month low of USD 6,061/MT on 15th December. Between mid-September 2021 and mid-December 2021, the index lost 14% of its value, weighed down by falling prices of almonds, cashews, hazelnuts and Brazil nuts.
The recent gain across the category is attributed to strengthening prices for hazelnuts and Brazil nuts. The Mintec Benchmark Prices for Turkish hazelnuts (Levant quality 11/13 CFR EU) climbed by 5% in the four weeks to 20th January, to USD 609/100kg. The increase has been underpinned by the rising raw material market in Turkey, as well the appreciating Turkish lira.
The lira regained some ground against a basket of key currencies in the last week of December, rising to TRY 11.23 per USD on 23rd December, after Turkish president Erdogan unveiled a scheme to protect consumer savings. Erdogan urged Turks to keep savings in TRY, promising to compensate for losses incurred by exchange rate fluctuations. Prior to that, the lira plunged to an all-time low of TRY 18.18 per USD on 20th December after Erdogan’s remarks that the Turkish Central Bank would continue pursuing low-interest rates.
The Mintec Benchmark Prices (MBP) for Brazil nuts (mediums, CIF Rotterdam) gained 5% in the four-week period to 20th January, settling at USD 5.85/lb. The benchmark peaked last year at USD 6.55/lb, the highest since the start of 2018, on concerns over supplies from Bolivia, the largest Brazil nut producer.
In other markets, the MBP for standard 5% almonds FAS US fell by 7% m-o-m and also by 7% y-o-y, to USD 1.85/lb on 20th January, pressured by poor shipments from California, the largest almond producer. The benchmark gained 1% in the week of 20th January.
The cashew MBP (W320 FOB Vietnam), slid to its lowest since the beginning of March 2021, to USD 2.85/lb on 20th January, down 2% m-o-m and 3% y-o-y.