Market Watch
Cocoa prices have risen in Ondo, Nigeria’s biggest cocoa-producing state, an industry official said Friday.
Graded cocoa is trading at 1.2 million Nigerian naira ($2,887) a metric ton, Segun Adewumi, executive secretary of the Cocoa Association of Nigeria, said. Graded cocoa has been certified fit for export by government inspectors.
Cocoa prices were NGN1.05 million to NGN1.1 million in Ondo on Wednesday, a trader said.
Prices rose in Ondo because the quality of the beans on sale improved while good weather persists, he said, adding that more buyers and exporters had increased cocoa purchases.
Ondo, located in Nigeria’s southwest region, has received adequate rainfall this year, he said. The states of Ogun, Oyo, Osun and Ekiti have had a dry spell for several weeks…
