Ghana and Ivory Coast’s proposal for adding a Living Income Differential (LID) premium to sales of cocoa beans looks set to be approved and become law by early next year.
Cocoa prices mostly backtracked this week from their recent highs.
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Cocoa arrivals into Ivory Coast’s ports continue to dip lower, exporters estimated.
Cocoa prices were again under pressure on Wednesday (December 4) on signs of adequate global cocoa supplies.
The latest ICCO projections saw a 5% recovery in global cocoa grindings in 2018/19 compared to levels seen in 2017/18, it outlined.
Cocoa prices moved higher Tuesday (December 3) after a slump in the dollar index to a 2-week low fueled some short-covering in cocoa futures.
A 13% production increase has been noted for the world’s largest cocoa producer Ivory Coast, the ICCO’s 2018/19 latest estimate outlined.
Three of the biggest chocolate companies in the world called on the EU today (November 2) to introduce new legislation ensuring the entire sector supports sustainable cocoa production.
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