Cocoa Hits Highest Price In 46 Years
Intiqab Rawoof
June 29, 2023
Cocoa prices surged to the highest in 46 years on the Intercontinental Exchange in London as bad weather in West Africa threatened production prospects for the main suppliers of the primary raw material used to make chocolate.
The benchmark September contract for cocoa in London gained more than 2% to 2,590 pounds per metric ton. The session high was the highest price since 1977 at 2,594 pounds.
Cocoa prices continue to see strength from El Nino concerns and the recent heavy rain in West Africa that damaged crops and slowed down the mid-crop harvest and truck shipments in the Ivory Coast.
Ivory Coast farmers shipped 29,910 tons of cocoa to ports for June 19-25, up +16% y/y.
On Monday, the Ivory Coast government reported that farmers sent a cumulative 2.22 MMT of cocoa to Ivory Coast ports for the 2022/23 marketing year (October 1 through June 18), down -2.2% y/y. The Ivory Coast is the largest cocoa producer in the world.
Source (QNA)
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