Last Updated : 31 May 2012 at 16:50 IST
Cocoa futures in NYBOT surges on fear of supply crunch from Ivory Coast
Source :agencies
With the cocoa processor and confectionery makers stocking the commodity on fear of temporary supply crunch from the world top producer, Ivory Coast, the price of Cocoa in New York Board of Trade (NYBOT) surges.
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YAMOUSSOUKRO (Commodity Online): With the cocoa processor and confectionery makers stocking the commodity on fear of temporary supply crunch from the world top producer, Ivory Coast, the price of Cocoa in New York Board of Trade (NYBOT) surges.
In NYBOT, cocoa for July delivery traded up 15 cents to 2085 cents a bushel on 31st May.
According to reports, despite the anticipated global cocoa deficit in 2011-12 is trimmed to 43,000 tons from earlier projection of 71,000 tons by the International Cocoa Organisation (ICO), the fear of cocoa supply crunch if Ivory Coast's overhaul of the sector delays exports later this year.
Cocoa is the major commodity used in making chocolates.
