Cocoa prices drop by 26% in two days amid uptick in rainfall, boost in Nigeria’s output

Cocoa prices moderated past its two-and-a-half-week low on Tuesday amid a boost in supplies from Nigeria and an uptick in rainfall. Nigeria, the world’s fifth largest cocoa producer, reported that its March cocoa exports rose +19% y/y to 22,199 metric tons.

Cocoa active contracts dropped more than a fifth of their value in a span of two days to settle at $7,500 a ton in the US after it soared to record highs earlier this year.

Read more at Nairametrics

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