World: Projections point to continued high prices until the end of 2024

Published 2024년 8월 8일

Tridge summary

Cocoa prices are predicted to surge by 40% to 7,600 pounds per metric ton by the end of 2024 due to a severe supply shortage, as reported by a Reuters survey. This increase is attributed to major harvest issues in Côte d'Ivoire and Ghana, the world's leading cocoa producers, causing a global deficit of 475,000 tons for the 2023/24 season. Despite a slight decrease in consumption due to high prices, climate uncertainty and diseases like swollen shoot disease are expected to persist, keeping pressure on prices. The chocolate industry's need to replenish stocks is also anticipated to contribute to the high demand and prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Cocoa prices are expected to continue to rise this year due to a persistent supply shortage, according to a Reuters survey of 12 traders and analysts. According to research, London cocoa prices are expected to reach 7,600 pounds per metric ton by the end of 2024, a significant increase of 40% from Tuesday's close and 125% above levels recorded at the end of 2023. Cocoa prices had already reached a record peak of almost £10,000 in mid-April this year. This increase was driven by major harvest problems in Côte d'Ivoire and Ghana, countries responsible for around 60% of global cocoa production. The difficulties faced by these main producers have resulted in insufficient supply to meet global demand, exacerbating product shortages in the market. The Reuters survey projects a record global deficit of 475,000 tons for the current 2023/24 season, which runs from October to September. This deficit is an increase from the previous forecast, which estimated a deficit of 375,000 tons. ...

Source: Mercado Do Cacau