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Home » Traders Face $1 Bln Loss On Faltering Ghana Cocoa Supply

Traders Face $1 Bln Loss On Faltering Ghana Cocoa Supply

Business & FinanceCommodities

15 July 2024, 2:09 pm 1 minute

Reuters exclusively reported that trading houses face losses of at least $1 billion on cocoa derivatives after major producer Ghana failed to deliver beans this year, forcing traders to liquidate short positions in a rallying market.

Market Impact

Global cocoa prices soared this year after bad weather, bean disease, smuggling and illegal gold mining reduced production and the volume of beans available in Ghana, the world’s No.2 producer.

Article Tags

Topics of Interest: Business & FinanceCommodities

Type: Reuters Best

Sectors: Business & FinanceCommodities & Energy

Regions: Africa

Countries: Ghana

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story