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Headline : Cocoa prices drop 22% on low liquidity, supply boost

Read more from the original article on here at businessday.ng.





Tags : #cocoa #prices #drop #2225 #low #liquidity #supply #boost



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Cocoa prices have declined 22 percent on the back of a large supply of the commodity in major growing states amid lack of liquidity.

After more than doubling this year, cocoa prices have dropped from an average of N13 million in mid-April to an average of N10.2 million on Thursday, BusinessDayโ€™s market analysis shows.

In the international market, the beans dropped from a record high of $11,722 per ton in mid-April to $7,817 per ton on Thursday, indicating a 33.3 percent decrease in prices, according to data from the International Cocoa Organisation (ICCO).

Oba Dokun Thompson, the Oloni Eti-Oni, chairman of Eti-Oni Development Group and producer of Gureje IV chocolate bars said that the decline in cocoa prices is due to sufficient output that is as a result of a lack of liquidity in the cocoa market.

Read more from the original article on here at businessday.ng.


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