Cocoa prices surpass £5.000/ton in London, setting a new record.
The May contract traded in London was trading above £5.000 at around 12:30 PM (Brasilia time).
(Reuters)- Cocoa futures on the ICE exchange in London surpassed the psychological barrier of £5.000/ton on Thursday, hitting a third consecutive record high, while cocoa in New York exceeded $6.000/ton, reaching an all-time high for the second consecutive day.
The May contract traded in London was trading above £5.000 at around 12:30 PM (Brasilia time), after hitting a record high of £5.100.
Traders said they could not rule out further gains, amid growing concern that the market is heading for a fourth consecutive global deficit.
This is due to adverse weather conditions in the main producing countries, Ivory Coast and Ghana, along with structural problems such as diseases affecting the crops, which require trees to be uprooted and replanted.
Cocoa traded in New York was virtually unchanged around 12:30 pm (Brasilia time), at $5.851 per ton, after reaching a record high of $6.020.