London and New York cocoa prices in rare divergence as shortages bite

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The story "London and New York cocoa prices in rare divergence as shortages bite" was covered 1 weeks ago by Financial Times, a news publisher based in United States.

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Financial Times 1w ago

London and New York cocoa prices in rare divergence as shortages bite - Financial Times

Quick Summary:

Until August, chocolate processors had been aggressively buying beans in London to build their inventories ahead of new EU deforestation legislation, which comes into force in January 2025.

Last month cocoa futures traded in New York rose strongly, peaking above $10,000 last week, while London prices fell, dipping below $6,400 earlier this month.

Bigger companies may add a small amount of cheaper Cameroonian cocoa — which, with a better colour than taste, is normally used to make powders rather than chocolate — into a blend, but they are constrained by their own protocols on quality, said Thornton.