Cocoa for March delivery rose £2, or 0.1%, to £1,772 on London’s Liffe exchange. The beans have advanced 70% this year.
Global output will be 3.58 million tonnes, Fortis said. Exports from Ivory Coast ports fell 42% to 446,000 tonnes from 1 Oct to 28 Dec compared with the same period a year earlier, Reuters reported.
The figure, “whilst significantly lower, is only further confirmation of delivery issues out of the world’s most dominant producer”, said Stephanie Garner, a cocoa trader at Sucden (UK) Ltd.
Output in Ivory Coast, which accounts for about 40% of supply, has been hurt by bad weather and low prices, which prompted farmers to hoard their beans, and a lack of credit to fund trade, according to Fortis.
Source: Financial Post
© FoodBev Media Ltd 2024