Cocoa prices continued their strong rebound initiated mid-last week after Maxar Technologies indicated in its weather report that the current drought in West Africa would negatively impact mid-season crop development, starting in April. The onset of seasonal Harmattan winds, bringing dry air, could further deteriorate second-half harvest prospects.
Despite higher cocoa deliveries to Ivory Coast ports compared to last year, exchange stocks remain at a 20-year low, below 1.5 million bags. Deliveries for the week of December 2-8 totaled 85,000 tonnes, the lowest since late October. Year-to-date deliveries stand at 819,000 tonnes, compared to 610,000 tonnes last year.
Cocoa prices surged more 4.6% today, firstly breaching the $10,000 level and the local peak from mid-June. Surpassing $10,295 marked the highest level since April 29th. If the price stays above $10,000, it will be the highest close since mid-June.
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