“Cocoa Sees Highest Weekly Gain in 24 Years at $6,470 Due to Decline in Nigerian Supply”

Date:

February 26, 2024.

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Azonuchechi Chukwu.

The upward rise of cocoa prices continues unabated, hitting a new high of $6470 per ton in New York amid growing concerns over supply shortages across Nigeria and West Africa.

On Monday, futures saw an increase of up to 4.6%, following the largest weekly surge since 1999. In London, the commodity’s price jumped by 3.5%.

The spike in prices is attributed to drought and disease affecting crops in major West African producing countries, potentially leading to higher expenses for chocolate manufacturers, which may ultimately be transferred to consumers.

Indications of dwindling supplies from major exporters are becoming increasingly evident. In the leading cocoa-producing country, Ivory Coast, bean arrivals at ports for export are approximately a third lower than the rates seen last year, and Nigerian exports experienced a decline in January.

Last week, coffee producers across Europe urged the EU to delay implementation of a rule that bans imports of cocoa from newly deforested lands.

Under the new regulation, companies will be required to track their supplies to specific plots of land and provide evidence, including the geolocation coordinates of the farms. Non-compliance will lead to hefty fines.

In December, AP News reported an investigation of cocoa illegally grown in the Omo Forest reserve in Ogun state Nigeria being shipped to chocolate factories in Europe, the United States and Canada.

The documentary indicated major agro companies like Olam and Tulip although they denied knowing the source of the cocoa.  (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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