Post by Ismail AbdulAzeez on Nov 29, 2012 18:25:19 GMT -5
kochi: While global cocoa prices are declining due to good production in Africa and problems in the euro zone, Indian cocoa prices are moving up on supply concerns. Global cocoa prices have dropped by more than 30-40% from their highest point on speculation that supplies from West Africa, the world’s biggest producing region, will exceed initial estimates. Lower consumption of chocolates in the euro zone due to continuing and worsening economic problems has added to the pressure.
“Indian cocoa production has been hit by erratic climate. In some parts of Kerala, the crop has been damaged and yield is as less as 30% of the normal,” Shiny George of Indian Organic Farmers Company told FE. , “Average price for dry cocoa beans have moved up to R170-180 per kg in the Idukki district. Wet beans command R50 per kg. The commodity is in short supply and demand is very good,” she added.
Indian imports more than half of its requirement of cocoa every year with demand for cocoa increasing at a healthy rate of 8% per annum. The Indian chocolate market is worth some R15 billion and has been hailed as offering great potential for Western chocolate manufacturers as the market is still in its early stages.
Procurement prices of cocoa are already high in India as buyers compete for it. Dry beans were selling around R130-140 per kg during December 2009, while wet beans were sold around R38-45 per kg,” Shiny said. During 2008, around the same time,
Source: www.financialexpress.com/news/cocoa-prices-rise-on-tight-supply-despite-good-africa-production/886975
“Indian cocoa production has been hit by erratic climate. In some parts of Kerala, the crop has been damaged and yield is as less as 30% of the normal,” Shiny George of Indian Organic Farmers Company told FE. , “Average price for dry cocoa beans have moved up to R170-180 per kg in the Idukki district. Wet beans command R50 per kg. The commodity is in short supply and demand is very good,” she added.
Indian imports more than half of its requirement of cocoa every year with demand for cocoa increasing at a healthy rate of 8% per annum. The Indian chocolate market is worth some R15 billion and has been hailed as offering great potential for Western chocolate manufacturers as the market is still in its early stages.
Procurement prices of cocoa are already high in India as buyers compete for it. Dry beans were selling around R130-140 per kg during December 2009, while wet beans were sold around R38-45 per kg,” Shiny said. During 2008, around the same time,
Source: www.financialexpress.com/news/cocoa-prices-rise-on-tight-supply-despite-good-africa-production/886975