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Cocoa trading at 4209.665 USD/T on Thursday, January 29, a 59.665 USD/T (1.44%) increase from 4150.000 on the last trading session.
Cocoa market strains in Côte d’Ivoire intensified this week after judicial authorities summoned sector figures Kanga Koffi and Koné Moussa on Tuesday, highlighting mounting internal frictions as deliveries weaken and prices slide (Infocentrale.net, 26 Jan).
The country’s new Minister of Agriculture, Bruno Koné, has moved to take charge of the cocoa sales crisis, reiterating the government’s commitment to buy back all unsold stocks held by producers. These inventories are estimated at roughly 123,000 tonnes, with a total cost to the state exceeding 280 billion CFA francs.