Cocoa Market Overview: Prices Soar Amid Tight Supplies and Declining Production
Wednesday, 7 August 2024, 18:21
Cocoa Prices on the Rise
On Wednesday, cocoa prices surged significantly. September ICE NY cocoa (CCU24) closed up +363 points, marking a rise of 4.41%. Similarly, September ICE London cocoa (CAU24) increased +101 points, a rise of 1.56%.
Market Performance
- NY cocoa reaches a 1-1/2 month high
- London cocoa hits a 2-week high
- Driving factors include lower production and tight supplies
The recent rally in cocoa prices signals a significant shift in market dynamics due to production concerns.
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.