Laurent Pipitone News
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Cocoa grinders are increasing output by the most in two years to meet record demand for chocolate, at a time when declining West African supply means the first shortages of beans in three seasons.
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The International Cocoa Organization said Indonesia, Guinea and the Democratic Republic of Congo will join the group under a cocoa agreement on Oct. 1.
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Cocoa, little changed in London today, may gain on speculation that supplies of the chocolate ingredient might be limited before harvesting starts.
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Cocoa futures rose for a fourth session, capping the longest rally in a month, as rain and black pod disease threaten crops in Ivory Coast, the world’s top exporter. Coffee prices also gained.
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Cocoa fell for the first time in a week on signs that global supplies will increase. Sugar gained, while coffee declined.
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The frosty pod rot fungus spreading in Latin American cocoa crops represents a potentially “enormous” threat, according to the International Cocoa Organization’s Laurent Pipitone .
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West Africa, the world’s largest cocoa-producing region, will get rains over the next six days, potentially helping pod development as harvesting of the smaller of two annual crops starts in Ivory Coast, according to the U.S. National Oceanic and Atmospheric Administration.
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West Africa, the world’s largest cocoa-producing region, will get rains over the next seven days, potentially helping pod development as harvesting of the smaller of two annual crops starts in Ivory Coast, according to the U.S. National Oceanic and Atmospheric Administration.
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Cocoa may slump 12 percent once an end to fighting between two rivals for the presidency of Ivory Coast means exports from the biggest producer can resume.
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Ivory Coast cocoa from the season starting in October was at a premium of as much as 85 pounds ($134) a metric ton on speculation shipments may be delayed.
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