Futures Cocoa Prices Reach Highest Level in Six Months

Forex - Cocoa futures prices have climbed to nearly a six-month high due to rising concerns about a decline in production in West Africa and already limited global supply. The most active contract rose to $10,092 per ton in New York, marking an increase of up to 2.4% and reaching the highest level since June 14. As futures prepare for a roughly 6% weekly increase, it marks the sixth consecutive week of gains. While arrivals of beans at ports in the largest producer, Ivory Coast, are currently above last year's pace, there are concerns related to mid-crop harvesting. According to weather forecaster Maxar, dry conditions in West Africa could undermine expectations for this cycle, which began in April.