Tag
COCOA PRICES
Cocoa prices have risen over 24% month-to-date in December 2024, surpassing the $11,000 mark amid concerns that supply may fall short of meeting the demand from Christmas chocolatiers.
Cocoa production in Nigeria is projected to increase by as much as 10% on the back of elevated cocoa prices in the international market in the last one year.
Nigeria’s cocoa earnings spiked by 279% in the first quarter of 2024 on the back of elevated cocoa prices during the first quarter of 2024.
Cocoa prices moderated past their 2-1/2 week low on Tuesday due to increased supplies from Nigeria and an uptick in rainfall.
Most of the world's cacao beans are grown by farmers in West Africa, where harsh weather is the root of the crop's problems.
The upward rise of cocoa prices continues unabated, hitting a new high of $6470 per ton in New York amid growing concerns over supply shortages across Nigeria and West Africa.
Recent inclement weather in West Africa has jeopardized cocoa output, driving up the price of the commodity to all-time highs on the London Intercontinental Exchange.