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Cocoa futures traded around $7,660 per pound, hovering close to their highest since early September, amid concerns over supplies in the key producing region of West Africa. Global supply remains tight due to adverse weather and disease outbreaks that impacted production in key cocoa-growing regions, particularly Ivory Coast and Ghana, driving the market into a four-year deficit. Latest data showed that Ivory Coast farmers shipped 1.773 MMT of cocoa to ports from October 1 to Sept 15, down 23%
Cocoa prices to head higher by end-2024 amid record deficit: Reuters poll
LONDON (Reuters) - Cocoa prices are expected to continue heading higher this year due to persistent supply shortages that will leave them at more than double last year's levels by the end of 2024, a Reuters poll of 12 traders and analysts showed on Wednesday.
London cocoa was seen ending the year at 7,600 pounds a metric ton, up 40% from Tuesday's close and 125% higher than at the end of 2023, according to the poll'
