Last Updated : 22 May 2012 at 16:05 IST
Cocoa prices may surge by year end on production drop in Ivory Coast
Production drop in Ivory coast, the largest producer and exporter of cocoa, may push the futures prices in Chicago Board of Trade (CBOT) in the current year.
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YAMOUSSOUKRO (Commodity Online): Production drop in Ivory coast, the largest producer and exporter of cocoa, may push the futures prices upward in Chicago Board of Trade (CBOT) in the current year.
According to reports, high carry over stock and lower price received by the cocoa farmers last year has resulted in production drop in Ivory Coast in 2012.
Presently, the cocoa prices are down in the global market due to increased arrivals. The global cocoa production is forecast at 4.1 million tons.
In CBOT, cocoa for July delivery traded down 14 cents to 2224 cents per bushel on Tuesday.Cocoa is one of the major ingredients in the making of chocolate and other confectioneries.
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