Ghana Cocoa Purchases Said to Rise to 590,000 Tons Since OctoberEkow Dontoh and Isis Almeida
Ghana’s cocoa purchases rose to 590,000 metric tons in the 2015-16 season that began in October through Jan. 14, according to a person familiar with the data who asked not to be identified because the information is private.
Cocoa purchases were 475,000 tons the same period a year earlier, according to KnowledgeCharts, a unit of Commodities Risk Analysis. Purchases by the industry regulator are considered an indication of production in the West African nation. The full season runs through the end of September.
Ghana, the world’s second-largest producer of cocoa after neighboring Ivory Coast, harvested the smallest crop in five years last season because of dry weather. While tighter supplies of the beans helped support prices in 2015, defying a commodity rout, futures have dropped this month on concern that a sluggish global economy will erode chocolate demand.
Cocoa for March delivery rose 1 percent to $2,934 a metric ton on ICE Futures U.S. in New York as of 4:27 p.m.on Tuesday.