Cocoa heads for longest decline in two years on rainy weather

Cocoa fell 1.4% to $7,679 a ton in New York, and London futures also declined.

Cocoa headed for the longest run of losses in two years in New York as focus turns to favourable weather that could aid crops in crucial West African growers.

Futures fell as much as 2.3% on Thursday, heading for a sixth session of declines on optimism that rains in Africa will support the current mid-crop and next season’s output. Crops will continue to develop amid “more showers and favorable soil moisture,” according to forecaster Maxar Technologies. ADVERTISEMENT CONTINUE READING BELOW Poor harvests have fueled a global supply crunch and pushed cocoa above $11 000 a ton this year.

“Cocoa is sliding in expectation of a production rebound next season and reduced purchases when prices were sky high,” said Judy Ganes, the president of J. Ganes Consulting. But the market can still “can have some teeth to it for a corrective bounce up if the weather doesn’t cooperate.

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Moneyweb /  🏆 5. in ZA

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