Thomas Cristofoletti
Following a 16% loss on Monday, cocoa bean futures in New York saw a 13% decrease during trade on Tuesday. While bids were above $10,000 per ton in late March, contracts are currently trading at $7.756 thousand per ton.
Analysts have noticed a minor decrease in market concerns regarding West Africa's harvest following the region's rains. Approximately 75% of the cocoa produced worldwide is produced in Ghana, Cote d'Ivoire, Cameroon, and Nigeria.
In the week ending April 23, speculators decreased the number of "long" positions in cocoa by 3.3 thousand, to 30.4 thousand, according to the U.S. Commodity Futures Trading Commission (CFTC).
source: bloomberg.com
Analysts have noticed a minor decrease in market concerns regarding West Africa's harvest following the region's rains. Approximately 75% of the cocoa produced worldwide is produced in Ghana, Cote d'Ivoire, Cameroon, and Nigeria.
In the week ending April 23, speculators decreased the number of "long" positions in cocoa by 3.3 thousand, to 30.4 thousand, according to the U.S. Commodity Futures Trading Commission (CFTC).
source: bloomberg.com
