此次新拨款将使自2017年推出以来的质量补贴总额达到近50亿中非法郎（约为833万美元）。该措 施是由国家元首在2016-2017年度国际可可市场价格大幅下跌后推出的，是政府为鼓励生产商生产优质 可可而采取的一系列措施之一。需要指出的是，支付给生产商的质量补贴来源于从出口税中扣除的5法 郎，该出口税属于可可-咖啡产业开发基金的份额。 （原标题：17亿中非法郎（约为283万美元）的质量奖金将惠及4.2万名喀麦隆农户） "EcoMatin"网站8月20日报道，喀麦隆政府计划向4.2万名可可生产商发放17亿中非法郎，作为2020- 2021和2021-2022年可可生产季的质量奖励。这项为期三周的行动将于2025年8月22日在恩图伊（中部大 区姆巴姆-埃特-基姆）举行启动仪式，由商务部长姆巴尔加·阿坦加纳·吕克·马格卢瓦尔主持。 ...

Group 1 - The core issue in the US-EU trade negotiations is the disagreement over the wording related to "non-tariff barriers," particularly concerning the EU's Digital Services Act, which the US views as a significant obstacle [1][3][4] - The EU is awaiting a reduction in US auto tariffs from 27.5% to 15%, but this action is contingent upon the agreement of a joint statement [3][4] - The complexity of the EU's internal decision-making process, influenced by the differing opinions of its 27 member states, is prolonging the timeline for reaching a joint statement with the US [4] Group 2 - The Digital Services Act imposes stricter regulations on large tech companies, which the current US administration considers a "non-tariff barrier" [3] - The US is keen to address digital trade barriers in discussions with trade partners, and the EU had initially agreed to tackle these issues during preliminary negotiations [3][4] - The failure to reach a joint statement could lead to ongoing disputes in sensitive areas, jeopardizing the implementation of the US-EU trade agreement [4]

Core Viewpoint - The World Bank warns that the financial instability of the Ghana Cocoa Board poses a serious threat to the development of the cocoa industry in Ghana, which is a crucial export sector for the country [1] Group 1: Financial Challenges - The World Bank's report highlights ongoing operational and financial challenges within the Ghana Cocoa Board that could jeopardize cocoa's role as a key export [1] - Despite global cocoa prices reaching historical highs, cocoa production in Ghana remains weak, indicating a disconnect between market prices and local production capabilities [1] Group 2: Debt and Supplier Payments - The Ghana Cocoa Board is reported to owe significant amounts to suppliers, exacerbating the financial strain on the cocoa industry [1] - The failure to address these debts could lead to broader economic repercussions for Ghana, given cocoa's importance for foreign exchange earnings and rural income [1] Group 3: Recommendations for Improvement - The report calls for the Ghana Cocoa Board to focus on its core cocoa production activities, reduce non-core financial expenditures, and streamline operations to enhance efficiency and financial health [1]

Group 1 - The core viewpoint is that China is expanding its zero-tariff policy to 53 African countries, which will enhance trade relations and promote deeper industrial cooperation between China and Africa [1][3][4] - The zero-tariff policy will significantly lower barriers for African products entering the Chinese market, facilitating an increase in the variety and scale of exports from Africa [3][4][6] - In 2022, the trade volume between China and Africa reached $295.6 billion, marking a historical high for the fourth consecutive year, with China maintaining its position as Africa's largest trading partner for 16 years [3][4] Group 2 - The zero-tariff policy includes a wide range of products such as oil, minerals, agricultural products, and processed goods, all of which will enjoy complete tax exemption when entering the Chinese market [4][5] - The policy aims to provide equal market access for all African partners, moving from a limited opening model to a more comprehensive approach that benefits various developing countries [5][6] - The implementation of the zero-tariff policy is expected to increase exports of minerals, energy, and agricultural products from Africa to China, supporting economic diversification and industrial upgrading in African nations [6][10] Group 3 - Chinese enterprises are actively investing in African economic zones and promoting industrial chain cooperation, contributing to local tax revenue, employment, and export earnings [8][9] - The establishment of processing bases and procurement centers in Africa by Chinese companies is anticipated to enhance global capital allocation and attract more value-added industries to local markets [10] - The zero-tariff policy is expected to create competitive pressure that encourages Chinese companies to adopt advanced technologies and improve product quality, thereby fostering a mutually beneficial relationship between China and Africa [9][10]

8月3日，据彭博社援引皮埃尔·安杜兰致投资者的一封最新信函报道，截至6月底，其旗舰基金"安杜兰大宗商品全权委 托增强型基金"，年内亏损已高达57%。 安杜兰在信中坦承"近期的表现非常令人失望"，并确认已削减旗下所有基金的可可多头敞口。 这一表现与2024年的辉煌业绩形成了鲜明反差。当时，安杜兰通过对可可价格上涨的大举押注取得了50%的年度回 报。然而，随着可可价格从超过每吨12000美元的高位回落至8000美元附近，加上一系列失误的交易和市场剧烈波 动，此前的盈利被悉数吞噬。 值得一提的是，安杜兰的名字，在过去近十年内，几乎是原油交易成功的代名词。然而，从2024年3月起，他将目光 投向了一个全新的领域：可可。 据彭博社报道，安杜兰当时判断，西非地区恶劣的天气和作物病害将严重冲击全球可可供应链，从而引爆一场史诗级 的行情。 他的团队在2024年3月建立了大量可可多头头寸，并在年底收获颇丰——可可的押注，帮助其旗舰基金在2024年实现 了高达50%的惊人回报。 "原油之王"遭遇滑铁卢。 据最新消息，全球著名的原油交易员皮埃尔·安杜兰（Pierre Andurand）在可可市场的大举做多遭遇了惨烈的失败，截 至6 ...

Core Viewpoint - Pierre Andurand, a renowned oil trader, faced a dramatic failure in his cocoa market bets, resulting in significant losses for his flagship fund, which reported a 57% loss year-to-date as of June 2025, contrasting sharply with a 50% return in 2024 [1][4]. Group 1: Performance Overview - Andurand's flagship fund, "Andurand Commodity Fund," experienced a staggering 57% loss in 2025, following a remarkable 50% return in 2024 [1][4]. - The fund's performance history shows volatility, with returns of -55% in 2023, 59% in 2022, and 87% in 2021, indicating a pattern of extreme fluctuations [4]. Group 2: Market Predictions and Strategies - In March 2024, Andurand shifted focus to cocoa, predicting that adverse weather and crop diseases in West Africa would severely impact global supply, leading to a significant price increase [3]. - Following a successful initial investment in cocoa, where the fund capitalized on a price surge, Andurand predicted cocoa prices could exceed $20,000 later in 2024 [4]. Group 3: Misjudgments and Market Reactions - In early 2025, cocoa prices began to decline due to concerns over demand, leading to substantial losses for the fund, including a 17% drop in January and a nearly 25% decline in February [7]. - A critical misjudgment occurred in April 2025 when Andurand increased bullish positions based on expected coffee processing data, which ultimately backfired due to market volatility triggered by a tariff announcement from Trump [7]. - Despite the setbacks, Andurand remains optimistic about future cocoa prices, maintaining a bullish stance on the market fundamentals [8].

Group 1 - The trade surplus of Côte d'Ivoire in Q1 2025 is approximately 1.5 trillion West African francs (about 25.5 billion USD), an increase of 423 billion West African francs (about 7.4 billion USD) compared to the same period last year, indicating a positive trend in foreign trade [1] - Agricultural exports are mixed, with coffee and cocoa exports reduced due to adverse weather conditions, while cashew production has recovered due to new plant inspection measures [1] - The secondary sector, driven by mining and manufacturing, saw industrial output grow by 3.7% in the first three months [1] Group 2 - The tertiary sector significantly contributed to foreign trade growth, with shipping volume increasing by 18.2% and overall foreign trade growing by 10% [1]

Group 1 - The global cocoa production regions, Ghana and Ivory Coast, have faced continuous poor harvests due to climate change, leading to a significant increase in cocoa futures prices over the past two years [1][3] - Currently, cocoa prices remain high despite a decrease from their peak, directly impacting chocolate production costs, prompting major chocolate brands in the U.S. to announce price increases [1][3] - As of this week, cocoa futures prices are at $7,380 per ton, down from a peak of $11,984 in December last year, but still up 121% compared to two years ago [3] Group 2 - The average price of chocolate bars in the U.S. has risen from $2.43 in July 2021 to $3.45 recently, marking a 41% increase [3] - Major chocolate companies like Nestlé and Ferrero have announced price hikes, with Hershey indicating that its chocolate products' average prices may increase by double digits [3] - Concerns about tariff threats have emerged, particularly regarding a potential 21% tariff on cocoa and other products from Ivory Coast, although the implementation of this tariff was later suspended [5] Group 3 - The U.S. imports nearly $4.4 billion worth of chocolate, cocoa, and candy annually, while the members of the National Confectioners Association export about $2 billion worth of U.S.-made chocolate and candy each year [5]

Group 1: Silver Market Performance - The main silver futures contract in Shanghai closed at 9249 yuan per kilogram, up 1.00%, with an intraday high of 9437 yuan and a low of 9301 yuan [1] - COMEX silver closed at 39.24 USD per ounce, up 2.12%, with an intraday high of 39.38 USD and a low of 38.37 USD [1] Group 2: COMEX Silver Inventory Data - As of July 21, 2025, COMEX silver inventory was 15478.52 tons, equivalent to approximately 497,645,563 ounces [2] - The inventory increased from 15466.03 tons on July 18, 2025, indicating a rise in silver stock levels [2] Group 3: Trade Relations and Tariffs - Indonesia is negotiating details of a new trade agreement with the U.S., with recent tariff rates on Indonesian exports reduced from 32% to 19% [2] - Indonesia is seeking exemptions for its exports of palm oil and nickel, along with other commodities like cocoa and rubber [2] - The U.S. is considering imposing tariffs of at least 15% to 20% on any agreements reached with the EU, while maintaining a 25% tariff on Japanese automobiles [3]

Core Insights - A global food price surge driven by climate change is affecting various regions, with extreme weather events leading to significant price increases in food commodities [1][2][3] Group 1: Food Price Increases - Extreme weather events have been directly linked to sharp increases in food prices, with examples including a 50% rise in olive oil prices in Spain and an 89% increase in onion prices in India following severe weather [1][2] - In South Korea, the average price of a watermelon reached 29,115 KRW (approximately 151 RMB), a 22.5% increase from the previous week and a 36.5% year-on-year rise, due to extreme heat and rainfall affecting supply [1] - The price of eggs in South Korea has also surged, with a 30-pack retail price exceeding 7,000 KRW (approximately 36.3 RMB), marking a recent high [2] Group 2: Impact on Agriculture - Climate change poses significant challenges to agriculture, with predictions of major crop shortages for staples like rice, soybeans, corn, and potatoes due to rising temperatures and extreme weather [2][3] - Research indicates that crop yields are stable within a temperature range of 20 to 30 degrees Celsius, but will decline significantly outside this range [2] Group 3: Global Trade Effects - Food price shocks are spreading through global trade networks, as seen when droughts in Ghana and Côte d'Ivoire led to a threefold increase in cocoa prices in the UK, subsequently raising chocolate prices [2] - Policies that exacerbate climate impacts, such as export bans during crises, can lead to global price surges, as demonstrated by Russia's wheat export ban in 2010 [3] Group 4: Inflation Challenges - Central banks face new challenges in controlling inflation, particularly in emerging economies where food constitutes a significant portion of the consumer price index (CPI) [4] - Japan's core CPI, excluding fresh food, rose by 3.3% year-on-year in June, indicating persistent price pressures linked to food costs [5] - The UK also reported a surprising rise in inflation to 3.6% in June, attributed in part to rising food prices [5]