Cocoa

Cocoa futures on ICE fell to around $2460 per tonne, the lowest in 2 weeks and down almost 20% from a 4-year high of $3054 hit in November last year, on prospects of adequate supplies. ICE cocoa inventories rose to an 8-½-month high of 5.493 million bags. At the same time, farmers in the Ivory Coast and Ghana, the world’s two largest cocoa producers have reported favorable weather conditions that should boost cocoa yields. Elsewhere, North America’s fertilizer prices fell 24% below its record high in March, raising hopes of improved quality and quantity of beans. Also, the spot rate for shipping containers declined 26% since its September 2021 all -time high, which should reduce freight rates and boost trading.
. Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa is traded on New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE) in London. The prices in New York are based on the South-Asian market and prices in London are based on cocoa from Africa. The size of each cocoa contract on the NYMEX is 10 metric tons.The biggest producers of cocoa are Ivory Coast and Ghana which together account for more than 60% of the world’s output. Other major producers include: Indonesia, Nigeria, Cameroon, Ecuador and Brazil. Although cocoa is one of the world’s smallest soft commodity markets, it has global implications on food and candy producers, and the retail industry. Cocoa prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments.

Please Add a comment before the calling of Cocoa, we will inform your mail address to the owner of the fish. They will reach to you from email or your phone.

Comments are closed, but trackbacks and pingbacks are open.

PHP Code Snippets Powered By : XYZScripts.com