Business News of Sunday, 10 March 2024
Source: www.ghanaweb.live
2024-03-10Cocoa prices expected to range between $4,882 and $4,922 per tonne in March 2024
Cocoa prices expected to hold steady in March 2024 amid tight supplies and weather challenges
According to the Bank of Ghana’s Commodity Price Outlook, cocoa prices are anticipated to fluctuate within the range of $4,882 to $4,922 per tonne in March 2024.
The forecast attributes this stability to tight supplies and adverse weather conditions in Cote d’Ivoire, posing a threat to the mid-crop year from April to September 2023.
Cocoa prices experienced a 4.9%
Read full articleincrease in December 2023, reaching $4,235.6 per tonne. This surge was driven by tightening supplies and the anticipation of a third consecutive deficit in the current crop season.
The year-over-year comparison reveals a remarkable 66.0% spike in cocoa prices, primarily attributed to unfavorable weather conditions, the prevalence of black pod disease, and insufficient fertilizer supplies, collectively contributing to a weakened cocoa supply.