Harsh weather in Ghana and Nigeria may lead to a deficit of 462,000 tonnes of cocoa beans valued at $3.33 billion this year in the global market.
According to the International Cocoa Organisation (ICCO), the daily price of cocoa as of November 11, 2024 was $7,200.04 per tonne as cocoa prices are moving higher daily, with London cocoa posting a 3-1/2 week high.
Findings revealed that cocoa prices jumped after forecaster, Maxar Technologies, said that parts of Ghana and Nigeria were experiencing dry and hot weather that could impact the cocoa midcrop, which officially starts in April.
Read more at Newtelegraphng
According to the International Cocoa Organisation (ICCO), the daily price of cocoa as of November 11, 2024 was $7,200.04 per tonne as cocoa prices are moving higher daily, with London cocoa posting a 3-1/2 week high.
Findings revealed that cocoa prices jumped after forecaster, Maxar Technologies, said that parts of Ghana and Nigeria were experiencing dry and hot weather that could impact the cocoa midcrop, which officially starts in April.
Read more at Newtelegraphng