Cocoa prices plummet.

VTV.vn - Cocoa became the focus of market attention as it continued its sharp decline, extending its weakening trend for the second consecutive session, losing more than 3.3% to $6,185 per ton.

Cocoa prices plummet.

According to the Vietnam Commodity Exchange (MXV), cocoa prices are under downward pressure amid more optimistic market prospects for the harvest in West Africa – the world's largest cocoa-producing region. A recent survey indicates that Ivorian farmers report good crop development, dry weather facilitating drying, while stable climatic conditions in Ghana are ensuring even ripening and high-quality cocoa cherries. Chocolate producer Mondelez reports that the number of cocoa cherries counted in West Africa this year is about 7% higher than the five-year average and significantly exceeds the same period last year. With the main harvest now underway in Ivory Coast, producers are quite confident about the quality of this year's cocoa.

Meanwhile, World Weather forecasting agency also predicts favorable weather conditions in key cocoa-growing regions. In southern Ghana, heavy rains over the past 24 hours may slow harvesting progress in the short term but will benefit crop yields in the long term. Rainfall in Ivory Coast is forecast to remain high until the end of the week before gradually decreasing early next week. Ghana and Cameroon are also predicted to have similar weather conditions.

From a demand perspective, the outlook for cocoa consumption remains bleak. Barry Callebaut Group warns that sales of cocoa-containing products in the next fiscal year could decline by single digits due to persistently high raw material prices, putting pressure on chocolate manufacturers' profits. However, the downward price trend is somewhat mitigated by supply risks, as the political situation in Cameroon – the world's fifth-largest cocoa producer – has become tense following the recent elections, along with concerns about renewed instability in Nigeria. Simultaneously, ICE inventories continued to fall by another 3,860 bags, to 1.807 million bags – the lowest level since the end of March this year.

Source: https://vtv.vn/gia-ca-cao-lao-doc-manh-100251107092827968.htm