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Cocoa Prices Plunge 30% In 2 Weeks

Cocoa Prices Plunge 30% In 2 Weeks

3 May 2024

Cocoa prices plummet 30% within weeks, marking a dramatic reversal from record highs. After surging earlier this year, cocoa futures have dipped to around $8,000 per metric ton, down from the April peak of $11,461. The decline stems from various factors including supply disruptions in West Africa due to erratic weather patterns and delayed orders from industrial players.

Additionally, the Financial Times highlights the plight of farmers, noting that prolonged low prices prevented investment in addressing cocoa tree health issues. Despite the retreat, prices remain elevated compared to the start of the year, prompting cautious market sentiment among traders and chocolate producers alike.

AFRIQOM Market Reporter

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