News

Cocoa prices in the US and UK rise to record levels as supply tightens

Cocoa Bean
Cocoa Products
United States
United Kingdom
Market & Price Trends
Published Feb 22, 2024

Tridge summary

Cocoa futures in London and New York have hit record highs due to supply shortages from poor harvests in Ghana and Ivory Coast. The May cocoa contract in London increased by 5.2% to 4,976 pounds per tonne, and the May New York cocoa contract rose by 4.1% to $5,861 a ton. The global deficit for the 2023/24 season could reach around 500,000 tonnes due to hot, dry weather in Ivory Coast. This shortage is impacting the chocolate industries, which are poorly covered in the coming quarters, leading to a surge in prices on the stock exchange.
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

NEW YORK (Reuters) - ICE London and New York cocoa futures jumped to new record highs on Wednesday, supported by supply shortages following poor harvests in Ghana and Ivory Coast this season. COCOA * The May cocoa contract in London rose 5.2% to 4,976 pounds per tonne, after recording a record 4,997 pounds. * Traders noted that hot, dry weather in Ivory Coast could increase forecasts for the size of the global deficit in the 2023/24 season, which some now believe could be around 500,000 tonnes. * They added that the chocolate industries are poorly covered in the coming quarters, with little cocoa available ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.