Cocoa prices surged to the highest in 46 years on the Intercontinental Exchange in London on Wednesday as bad weather in West Africa threatened production prospects for the main suppliers of the primary raw material used to make chocolate.
The benchmark September contract for cocoa in London gained more than 2% on Wednesday to 2,590 pounds per metric ton. The session high was the highest price since 1977 at 2,594 pounds.
The International Cocoa Organization widened this month its forecast for a global deficit on cocoa supply from 60,000 metric tons previously to 142,000 metric tons. He said that the stocks-to-use ratio, an indicator of cocoa availability in the market, is expected to fall to 32.2%, the lowest since the 1984/85 season.in Ivory Coast are causing flooding in some cocoa fields, potentially hurting the main crop that starts in October.
Refinitiv Commodities Research said it expects moderate to high rainfall in the West African cocoa belt over the next 10 days.
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