Nigerian Strike Drive Cocoa Prices to Highest in 11 years
The ongoing labour strike in Nigeria has contributed to drive the price of Cocoa to highs not seen in 11 years. Government processing offices that usually grade Cocoa before export are closed as a result of the strike. Also virtually all export terminals have been closed as a result of the strike. Cocoa beans are first certified/graded before being bagged and shipped for exports.
The price of Cocoa had fallen over 30% in 2011, however the strike has seen prices rebound and gain 15% in just two days.
According to Bloomberg, “Cocoa for March delivery rose 7.5 percent to close at $2,333 a metric ton at 12:04 p.m. on ICE Futures U.S. in New York. In two days, the price soared 15 percent, the most since Jan. 17, 2001.”
Nigeria is expected to produce over 230,000 tonnes of cocoa this year, and supplies about 6% of global demand.
Furthermore, Ivory Coast, Africa’s largest cocoa producer is expected to have a bad harvest season due to dry winds damaging the crop.
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