Tag
COCOA
Cocoa prices experienced a significant increase over the past week due to weather concerns in West Africa.
Cocoa settled at $9,187 per ton at the New York Commodity Exchange as Africa's most populous country, Nigeria, seeks to reduce its over-reliance on Crude oil earnings.
Planet A Foods, a German-based food-tech company, has successfully raised $30 million in Series B funding to enhance the production of Chivova, a groundbreaking alternative to traditional chocolate.
Cocoa futures surged to a new record in New York, driven by growing supply concerns that could deepen the financial challenges already facing chocolatiers and consumers alike.
Cocoa futures have surged by over 80% year-to-date, with more than a 10% rise since October, as adverse climate conditions severely disrupt the harvest season for the world’s top producer
Cocoa futures surged by a notable 37% in the international markets on Monday, September 9, 2024, rising from 7,163 points to a robust close at 9,839 points.
The Federal Government announced on Tuesday its plans to increase cocoa production to 500,000 metric tonnes by 2025, up from the 340,000 metric tonnes recorded in 2022.
Ivory Coast has been ranked by the Standards and Poor (S&P) global ratings as the highest rated sovereign in Sub Saharan Africa with Foreign debt outstanding. Ivory coast is the world’s largest producer of Cocoa and just managed to edge south Africa off the first position due to an improving debt profile.
These areas are responsible for 94% of the Nigeria’s production of cocoa, a key ingredient in chocolate.
Cocoa futures recovered above the $10,150 mark on the Intercontinental Exchange (ICE) in New York as it consolidated below this week's record highs while Nigeria plans to boost its production.
Ghana Cocoa Marketing Board set to increase cocoa prices by 50% to reflect rising global prices
Cocoa prices have seen strength due to cocoa supply concerns this year amid Nigeria’s dwindling cocoa output. LIFFE Cocoa futures at the time of writing traded in London for GBP 3,557 per ton has a year-to-date of 72.4% and it is not far from its 52-week high of GBP 3,634 per ton.