The unprecedented price of cocoa in the world market

According to the report of the International Economic Group of Fars News Agency, citing Reuters, the price of cocoa in the London Intercontinental Exchange reached its highest level in the last 46 years.

According to this report, bad weather in West Africa threatens the production prospects of the main producers of this main ingredient in chocolate making.

The September cocoa contract on the London Stock Exchange (a global benchmark in the global cocoa market) rose more than 2 percent on Wednesday to 2,590 pounds per ton, and the highest price level of the day was 2,594 pounds, the highest ever. The amount is considered from 1977.

The report states that prices are increasing due to the lack of supply of cocoa beans in the market, most of which are produced in Ivory Coast and Ghana.

The volume of cocoa shipments for export to Ivory Coast ports has decreased by 5% this season.

This month, the International Cocoa Organization also increased its forecast for the lack of global cocoa supply from 60,000 tons to 142,000 tons.

This is the second consecutive season of cocoa supply shortages, said Leonardo Rossetti, an analyst at Stone X brokerage.

He added: It is expected that the ratio of inventory to consumption – an indicator of the presence of cocoa in the market – will decrease to 32.2 percent. This is the lowest level since the 1984-85 season.

Above-average rainfall in Côte d’Ivoire has flooded some cocoa farms, which could damage the main crop in Côte d’Ivoire starting in October.

The price of cocoa on the New York Stock Exchange also increased, and its September benchmark rate increased by 2.7 percent and reached $3,348 per ton, which is the highest level in the past 7.5 years.

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