The price of cocoa rises due to floods in Africa

cocoa price

The affectation of several cocoa farms in Ghana and the Ivory Coast has caused the rise in the value of this raw material in London and New York.

International cocoa prices stood this week at one of their highest levels on the London and New York stock exchanges, as a result of recent flooding caused by heavy rains in cocoa fields in Ghana and the Ivory Coast.

This climatic catastrophe has affected the production prospects of the main suppliers of this raw material used to make chocolate according to news agency reports.

The benchmark September cocoa price in London rose more than 2% last Wednesday to £2.590 per metric ton. The maximum of the session was the highest price since 1977, of 2,594 pounds.

While in New York, the benchmark for September rose 2.7% to $3.348 a metric ton, its highest level in 7 XNUMX/XNUMX years.

Ghana and the Ivory Coast are the main cocoa-producing countries in the world for the production of candies and chocolates.

The International Cocoa Organization (ICCO) in June projected its global cocoa supply shortfall forecast from the previous 60,000 metric tons to 142,000 metric tons.

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