2023-09-08 22:36:08
NEW YORK (Reuters) – London-traded cocoa futures rose to a new 46-year high on Friday, gaining 4% for the week, as lower-than-expected production in Ghana helped to tighten global supply.
COCOA
* The December London cocoa contract closed up 73 pounds, or 2.5%, at 3,050 pounds a tonne, after hitting its highest price since 1977 at 3,053 pounds.
* Since June the market has regularly posted new 46-year highs, driven by tight supply as crop troubles in West Africa contribute to a substantial global shortfall expected in the current 2022/23 season (October/September).
* The expectation is that cocoa production in Ghana will be around 11% lower than the target of 750 thousand tons in the current 2022/2023 season.
* The December cocoa contract in New York rose $42, or 1.2%, to $3,654 a ton.
((São Paulo Editorial Translation))
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