In recent days, prices for cocoa beans have increased in price by 6% and ended in plus for the sixth consecutive week.
Cocoa futures rose to a six-month high on fears of a weak mid-crop in West Africa. Bloomberg reported this yesterday.
So, the most actively traded futures contract for cocoa beans in New York rose 2.4% in Friday’s session, to $10,092 a tonne. From the beginning of the week, the contract price increased by 6% and finished in the plus for the sixth week in a row.
The agency wrote that currently the supply of cocoa beans to the ports of Côte d’Ivoire, the largest producer of this product in the world, has exceeded the figures for the same period last year. But there are concerns about the interim yield. Dry weather in West Africa could wreak havoc on this growing season, which starts in April, weather service experts Maxar warned.
Earlier this year, poor cocoa harvests in West Africa pushed futures to a record high of more than $11,700 a tonne.
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
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.