Cocoa price at an 18-month high
The price of cocoa has jumped by approximately 12% year-to-date to $2,640/mt at a time of the main crop harvest. Nigeria is hoping to reach an export level of 240,000 tonnes this year. At current prices, cocoa export revenues will be at a record high.
Ivory Coast and Ghana had earlier abortively attempted to set up a cocoa producers’ cartel. At current prices, cocoa producing nations are laughing all the way to the bank.
In the slides, these and other issues were discussed in the commodity segment of the Channels TV Business Morning programme today.
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