16:41 - 30.04.2024

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April 30, Fineko/abc.az. Cocoa bean futures prices have fallen by a quarter in the last two days of trading after a record rally since the beginning of the year.

Cocoa bean futures in New York fell another 13% during trading on Tuesday after falling 16% on Monday, ABC.AZ reports.

Currently, the product is sold at the price of $7,756 per ton. At the end of March, the quotes exceeded $10,000 per ton.

According to analysts, market concerns about the West African product have decreased somewhat after rains in the region. Ghana, Ivory Coast, Cameroon and Nigeria account for about 75% of world's cocoa production.

In addition, according to the U.S. Commodity Futures Trading Commission (CFTC), in the week ended April 23, investors reduced the volume of long positions on cocoa by $3,300 to $30,400. This is the minimum amount for 14 months.