Cocoa prices rose sharply on Wednesday after key producers Cote d’Ivoire and Ghana threatened to stop selling their production to buyers unwilling to meet a minimum price.
The threat pushed the September forward contract for the commodity, listed in New York, to $2,540 a ton, up 1.4 percent on the day.
The two African nations, which together account for 60 percent of the world’s cocoa production, summoned buyers to Accra for a two-day meeting demanding a price of $2,600 per ton.
At the end of the meeting, Joseph Boahen Aidoo, chief executive of the Ghana Cocoa Board, told a news conference that their demands had been accepted in principle by the participants, but that there would be a follow-up meeting to work out how to implement the agreement.
“Ivory Coast and Ghana have suspended the sale of the 2020/2021 crop until further notice for preparation of the implementation of the floor price,” he said…Read more>>