LONDON, Dec 31 (Reuters): New York cocoa futures rose on Tuesday and were set to be the strongest performing commodity in 2024, driven by poor crops in Africa, which accounts for about 70 per cent of production.
Coffee prices have also risen strongly this year but sugar futures were set to post an annual loss.
New York cocoa futures on ICE rose 0.55 per cent to $11,570 a metric ton by 1203 GMT. The market, which hit a record high of $12,931 a ton on Dec. 18, is on track for an annual gain of 175 per cent after a second successive year of soaring prices. Prices had risen by 61 per cent in 2023.
Number two grower Ghana has had a particularly difficult time due to soaring rates of swollen shoot disease, aging trees, illegal gold mining, climate change and sector mismanagement.
London cocoa futures fell a marginal 0.02 per cent to 9,112 pounds a ton and were on course for an annual gain of 160 per cent.
Cocoa set to post strong gains in 2024
FE Team | Published: January 01, 2025 00:06:41
Cocoa set to post strong gains in 2024
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