Cocoa Prices Surge Amid Supply Concerns

Cocoa prices surged on Monday, with the March contract on the ICE New York exchange closing up 4.85% and the March ICE number seven contract in London jumping 6.55%. This rally is driven by expectations of significant buying tied to cocoa futures joining the Bloomberg Commodity Index, ICE-monitored stocks in US ports dropping to a nine-and-a-half-month low, and supply concerns capped by a perfect mix of rain and sun in West Africa and Nigerias expected output fall. However, weak demand in Asia and Europe is pressuring prices, and the market remains volatile. Checkout Solipillow.comThe Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.