Cocoa Prices Rally Due to Reduced Output in Ivory Coast
Monday, 5 August 2024, 18:28
Cocoa Prices Surge
September ICE NY cocoa (CCU24) today is up +272 (+3.44%), and September ICE London cocoa #7 (CAU24) is up +158 (+2.51%). Cocoa prices today are sharply higher for a second session, with NY cocoa posting a 1-1/2 week high.
Reasons for the Price Increase
The main driver of this price rally is the lower cocoa production in the Ivory Coast, the world's largest producer of cocoa.
Conclusion
Investors should keep a close watch on production forecasts as the market reacts to these changes.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.