cocoa
New York cocoa futures on ICE rebounded this week, recovering from a sharp decline. July New York cocoa (CCc2) settled up $156, or 2.2%, to $7,322 per metric ton. This follows a nearly 20% drop on Monday. Dealers highlighted the extreme volatility in cocoa prices as the market attempts to stabilize after a significant fall of about 40%. Prices plummeted from a record high of $11,722 on April 19 to a low of $6,990 on May 3. Fundamentals remain supportive for cocoa, with forecasts predicting a large global deficit in the 2023/24 season due to poor crops in major producers Ivory Coast and Ghana. ...
Invezz
Chocolate makers the Hershey company reported its Q1 results for 2024 ahead of markets opening in the US today. The results showed an uptick in sales, income and earnings per share, compared with both Q1 and Q4 of 2023. The cocoa priceThis likely reflected the fact that companies like Hershey and Mondelez (the maker of Cadbury’s, who reported results earlier this week), have now largely recovered from the historically high cocoa prices experienced earlier this year, and that this plus Easter chocolate sales provided a boost to profits, compared with Q4 earnings. Read our analyst’s cocoa price ...
Invezz
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