Global cocoa prices fell by around 10% today to their lowest level in two-and-a-half years, amid news of rising unsold stocks in Ivory Coast, the world’s largest cocoa producer.
Traders pointed to rumors that cocoa bean warehouses in Ivory Coast were full of beans and that long lines of trucks were unable to unload because exports of the basic chocolate ingredient were too low.
“Industrial buyers are slowly coming back into the market, but we don’t have enough support,” said one trader.
Activate sales
Cocoa futures on the London Stock Exchange, used as a benchmark for cocoa prices around the world, fell 6.7% to 2,309 pounds per tonne in early trade, falling to 2,234 pounds per tonne, the lowest level since mid-2023.
Cocoa futures in New York hit $3,189 per tonne, the lowest since mid-2023, before recovering to $3,265 per tonne, still down 5.8%.
Ghana, the world’s second-largest cocoa producer, last week cut guaranteed prices for farmers by a third to boost sales and provide funding to farmers who have not received payments since November last year.
Global cocoa prices plunged about 10% today to their lowest level in two-and-a-half years after reports of rising unsold stocks in Ivory Coast, the world’s largest cocoa producer.
Traders pointed to rumors that cocoa bean warehouses in Ivory Coast were full of beans and that long lines of trucks were unable to unload as exports of this essential chocolate ingredient were so low.
“Industrial buyers are slowly coming back into the market, but we don’t have enough support,” said one trader.
Sales recovery
Cocoa futures on the London Exchange, used as a benchmark for cocoa prices around the world, fell to 2,234 pounds per tonne in early trade, the lowest level since mid-2023, falling 6.7% to 2,309 pounds per tonne.
Cocoa futures in New York hit $3,189 per tonne, the lowest since mid-2023, before recovering to $3,265 per tonne, still down 5.8%.
Ghana, the world’s second-largest cocoa producer, cut guaranteed prices for farmers by a third last week in a bid to revive sales and provide funds to farmers who say they have not received payments since November last year.
