In New York on Thursday, June 6, cocoa futures rose 4.2% to $9,798 per ton.
Cocoa prices, after some decline, began to rise again. The reason is renewed concerns about supply shortages, which pushed prices to an all-time high in April, Bloomberg wrote.
On Thursday, June 6, in New York, cocoa futures rose 4.2% to $9,798 a ton. Prices are up more than 40% from last month’s lows.
It noted that a combination of adverse weather conditions, disease and shortage of fertilizers has put pressure on cocoa production in the two biggest exporters – Ivory Coast and Ghana.
A poor harvest in West Africa pushed cocoa futures to a record high of more than $11,700 a tonne in New York in April.
Prices have fallen, but some analysts expect them to remain high due to a global shortage of cocoa beans.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.