News

Cocoa price would continue to rise and would bring benefits for Peru

Cocoa Butter
Market & Price Trends
Published Feb 20, 2024

Tridge summary

International cocoa prices have been hitting record highs due to supply issues, largely caused by extreme weather conditions in West African countries. As of February 5, 2024, the price had risen to US$5,246 per ton from US$2,541 per ton a year earlier. The European Cocoa Association predicts prices could reach US$6,000 per ton. This situation could potentially benefit Peru, which exported 71,126 tons of cocoa worth US$226 million in 2023.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

(Agraria.pe) Cocoa prices in the international market continued to break records in recent weeks, due to problems in its supply by various countries, a situation that, according to specialized entities, can favor Peru, but under certain conditions that must meet local producers in advance. In February 2023, cocoa was priced in the world at US$2,541 per ton, but by July of that year it had already reached US$3,348, and by February 5, 2024 it had already climbed to US$5,246 per ton. According to Paul Davis, president of the European Cocoa Association, the possibility that prices may even rise to US$6,000 per ton cannot be ruled out, since the world supply of this fruit is on the way to not meeting demand. Prices have doubled over the past year as producers in West African countries, which produce most of the world's supply, are affected by extreme weather caused by the El Niño phenomenon. Fresh Fruit, a company specialized in commercial intelligence, agreed that, since an immediate ...
Source: Agraria
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