As the latest review of the market produced by the International Cocoa Organization makes clear, the cocoa prices remains very low.
In its latest review of price movements in the cocoa market, published in August 2017, the International Cocoa Organization (ICCO) said its daily price averaged US$1,989 per tonne, which is the same as average price recorded in the previous month (US$1,989) and ranged between US$1,889 and US$2,107 per tonne.
Cocoa futures prices briefly rose above the US$2,000 per tonne level during the first week of August. Expectations of lower global production for the next season coupled with improved grindings provided support to cocoa prices.
During this period, the ICCO daily prices of cocoa beans ranged between US$2,034 and US$2107 per tonne. Thereafter, from the second week of August through to the middle of the month, once expectations of ample supplies from Côte d’Ivoire and Ghana were reported, cocoa futures markets experienced a downturn in prices ad dropped to £1,487 per tonne in London and US$1,855 per tonnes in New York. ■ C&CI Read more
This article first appeared in the November ’17 issue of C&CI, click on subscribe now if you wish to read the full story and other informative articles in the November and future issues of C&CI or log in here if you are already a subscriber.