Cocoa futures rose sharply following reports that key producers Ivory Coast and Ghana had stopped sales in a push for higher prices, dealers said.
File: Ivory Coast and Ghana together account for 60 percent of the world's cocoa production.LONDON - Cocoa futures rose sharply on Wednesday following reports that key producers Ivory Coast and Ghana had stopped sales in a push for higher prices, dealers said.
Analysts attributed the surge to a report by the Bloomberg news agency saying that"the world's two biggest cocoa producers halted sales for the harvest that will begin in October 2020, pending an agreement with buyers on a minimum price".The two African nations, which together account for 60 percent of the world's cocoa production, summoned buyers to Accra demanding a price of $2,600 per tonne.
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