Cocoa, Cocoa Butter Prices Spike
August 2, 2013
New York — Cocoa prices climbed to $2,404 per ton in London Wednesday, the highest price in more than a week, and gained 0.1 percent on ICE Futures in New York with a price of $2,300 a ton for September delivery.
Yesterday, a declining supply and lower cocoa powder price resulted in cocoa butter reaching its highest point relative to bean prices in more than four years in Europe, Bloomberg reports. The cocoa butter ratio was 2.3 to 2.33 times the cost of cocoa futures on the NYSE Liffe exchange, unidentified traders told Bloomberg, L.P.
Cocoa prices could move further upward depending on the weather in Ivory Coast and Ghana, where the "mini-dry" season is approaching earlier than usual.
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