Cocoa Market Update: Prices Drop Following Surge in Cameroon's Cocoa Production
Thursday, 8 August 2024, 18:48
Cocoa Prices Drop Significantly
On Thursday, September ICE NY cocoa (CCU24) closed down -408, representing a 4.75% decline. Meanwhile, September ICE London cocoa (CAU24) decreased by -246, or 3.73%.
Increase in Cameroon's Cocoa Production
- Cameroon's National Cocoa and Coffee Board announced a 1.2% year-on-year increase in cocoa production.
- For the 2023/24 cycle (from August to July), production is expected to reach 266,725 tons.
Market Implications
As cocoa prices decline, traders are becoming increasingly concerned about future pricing trends in the global cocoa market. The increase in production in Cameroon, a significant player in the cocoa industry, is likely to have lasting effects.
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.