Belfast Telegraph

Cocoa falls back from record high

By Philip Baillie

Easter eggs won't be getting any cheaper in the run-up to Easter Sunday, despite an expected fall in the price of cocoa.

Cocoa beans hit a 32-year high in March of $3,775 a ton as political unrest in Ivory Coast, the world's largest producer of cocoa, meant up to 400,000 tonnes were locked up in the country's docks since January.

But because the blockade was lifted last week and cocoa has start to flow once more, the price for the raw material has fallen back close to $3,000.

Jonathan Parkman, joint head of agriculture at Marex Financial Ltd in London said: "The futures market for the price of cocoa had risen because of the situation in the Ivory Coast and nearing the end of the political unrest future prices fell dramatically."

However, Mr Parkman said reports of instability in the west-African country such as looting in the port of Abdijan meant that a drop in the price of cocoa was not certain.

Popular