Cocoa prices have reached its highest level in more than a week in New York, amid increasing anxiety falling from the largest product, Ivory Coast, will increase pressure on a market already suffering from available quantities. Cocoa futures rose by 5.7% today, Monday, and the record recorded last month is approaching. The total arrival of cocoa on ivory coasts reached 1.11 million tonnes for the current season until Sunday. Although this number exceeded 27% last year due to the impact of the bad weather on crops before, the gap dropped from 35% at the beginning of December. Cocoa’s slowdown has coincided with increasing concerns about the supplies from West Africa, as the seasonal dry weather, known as ‘Harmatan’, strengthens. This situation is a threat to the remaining main crops in the region, as well as harvesting the smaller secondary crop that approaches its date. The latest analysis indicates that “the improvement in the arrival of the ports can reduce,” according to Shulom Sanik, analyst at Friedberg Mercantile Group, in a note. Harmatan’s winds that are already wiping the area push the crops and “depending on its intensity, the danger level is on the rest of the main crop.”
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