Cocoa prices have increased, with July ICE NY cocoa rising by 1.37% (+$134) to $9,930 and July ICE London cocoa up by 0.77% (+$50) to $6,515, driven by dollar weakness and some short covering. However, gains in London are limited as the British pound reached a one-week high, affecting cocoa priced in sterling.
Recent data from the Ivory Coast indicates that cocoa exports for the current marketing year from October 1 to June 1 reached 1.6 million metric tons, a 6.7% increase year-on-year, but down from a 35% increase seen in December. The mid-crop quality has raised concerns among cocoa processors, who report that 5-6% of the mid-crop is of poor quality, compared to just 1% during the main crop. The International Cocoa Organization forecasts a global cocoa deficit of 494,000 metric tons for 2023/24, marking the largest deficit in over 60 years.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
