Similar concerns are now coming from its neighbour Ghana, the world’s second largest cocoa producer. The country is looking to delay delivery of up to 350,000 tons of beans to next season due to poor crops. The market had previously estimated Ghana would roll forward some 250,000 metric tons of cocoa.
Cocoa prices, which previously surged to record highs, continue to attract financial attention due to supply constraints from the world’s top producers, Ivory Coast and Ghana. Recently, Ghana announced a potential delay in delivering up to 350,000 tonnes of cocoa due to poor weather affecting crops. This has reignited concerns over global cocoa supply, pushing prices upward again. Currently, cocoa prices are encountering resistance at the 61.8% retracement level of 83.51, with potential to revisit the April highs of 9,000 if current barriers are surpassed.
