As a result of fund buying returning to the markets, Cocoa prices rose on Wednesday, after multi-week lows. This erased most of the losses experienced in the previous session.
July New York cocoa is up $56, according to information from Reuters. The rise showed that after the price fell to one-month lows at $2,629, it settled at $2.730.
Also, July future had its biggest one-day for 6weeks as it closed down 3.8%.
Some dealers believe that Tuesday’s sharp decline was a signal of an end of the year’s strong run-up in prices but may have been too early to predict.
It, however, revealed that July London cocoa is up £25 at £1,895 per ton, after a three-week decline at £1,844.
Ivory Coast has sold 1.1million tons of cocoa for 2018/19, according to Reuters. According to information from the Coffee and Cocoa Council, the sources revealed that the country aims to sell between 1.3million and 1.4million tons of cocoa.
Image Credit:Science Shorts
