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Express News | FOMC Projects Lower GDP and Uncertainty, No Rate Change
Cocoa prices are rising as traders weigh concerns over mid-term harvests against inventory factors.
Cocoa prices rose in the New York market due to concerns about reduced mid-harvest in the largest producing country, Côte d'Ivoire, overshadowing the tense market, which is still waiting for an increase in Exchange inventories. The most actively traded contract rose by 2.8% on Wednesday, erasing an earlier decline of 1.7%. Futures rose the next day as traders awaited the arrival of increased cocoa production from West Africa to warehouses in the USA and Europe. Mark Taylor, the commodity strategic procurement director at Hershey Trading GmbH, a subsidiary of chocolate producer Hershey, stated that the improvement in production from countries like Ghana and Ecuador, combined with costs.
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