Cocoa prices steady as focus turns back to low exchange stocks


March New York cocoa closed up $13 to $2,651 a tonne, having hit its lowest in nearly two weeks in the previous session. Dealers noted it makes no economic sense to bring in fresh beans to grade on the exchange at the moment, meaning the market could be skewed to the upside as falling stocks would be a buy signal to the funds

NEW YORK/LONDON: Cocoa prices on ICE steadied on Thursday following losses in the previous session, with investor attention turning to low exchange stockpiles that were partially caused by a dispute between industry and top producers Ivory Coast and Ghana.

Coffee and sugar closed up as the Brazilian currency reached the strongest level against the dollar since July, a movement that tends to reduce hedging from the world's largest producer of both commodities.

Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Cocoa , sugar coffee , price , Ghana , beans ,

   

Next In Business News

Oil gains 1% on hopes of firmer demand
JPMorgan investors weigh CEO Dimon’s strategy, succession plan
Muhibbah rides on Cambodian tourism uptick
Feytech gears up for expansion to meet growing demand
Ready to rise up the ranks again
SC working overtime to combat spread of scams
Russia and Malaysia sign tax agreement
MGB ACHIEVES 23% PROFIT SURGE IN 1Q24
GDP up 4.2% in 1Q24
Chinese firms invest in ‘green’ jet fuel

Others Also Read