LONDON – Cocoa prices should rise by the end of the year, recovering some ground after two consecutive annual declines, with a smaller global surplus expected in the 2017/18 season, a Reuters survey of nine traders and analysts showed.
New York cocoa futures are seen ending 2018 at $2,200 a tonne, up 8 percent from Monday’s close and 16 percent above the price at the end of last year, according to the survey’s median forecast.
Cocoa prices fell in 2016 and 2017 as the global market shifted into surplus driven by rising production in West Africa and sluggish demand.
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