Analysts noted that market concerns about the West African crop have eased somewhat following the rains in the region.
Cocoa bean futures fell by a quarter in the last two trading days after a record jump since the start of the year. Bloomberg reported this on Tuesday, April 30.
According to the agency, cocoa bean futures in New York fell 13% during trading on Tuesday after falling 16% on Monday.
The contract is trading at $7,756 thousand per ton, while at the end of March quotes exceeded $10 thousand per ton.
Analysts noted that market concerns about the West African crop have eased somewhat following the rains in the region. Ghana, Ivory Coast, Cameroon and Nigeria account for nearly 75% of global cocoa production.
In addition, according to the US Commodity Futures Trading Commission (CFTC), investors reduced the volume of “long” positions in cocoa by 3.3 thousand, to 30.4 thousand in the week ending April 23. This is the lowest volume for 14 months .
It was previously reported that world cocoa prices have updated their historical record. Cocoa futures in New York hit a new all-time high. The most active contract rose 5% to $11,578 per metric ton in early trading on Friday, April 19.
Before this (in March), prices for cocoa beans exceeded $10 thousand per ton for the first time.
Source: korrespondent
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