Dealers said the small year-on-year rise in the European first-quarter cocoa grind was further evidence that demand was holding up well. Earlier this week, Reuters reported that cocoa futures on ICE rose to six-and-a-half year highs boosted by tight supplies, particularly in Cote d’Ivoire, where port arrivals have been running behind last season’s pace while demand was providing resilient despite global economic woes.
“Supply tightness in West Africa continues to support cocoa futures,” an analyst told Reuters. The North America first quarter cocoa grind is due to be published on April 20.
The latest figures from The Association of the German Confectionery Industry (BDSI) shows cocoa grinding from its 11 member companies involved in processing increased by 4.0% in the first quarter of 2023 4.0% compared to the same period in the previous year.
German production facilities, ground a total of 101,923.5 tonnes of cocoa in the 1st quarter of 2023 and the BDSI said that for or the first time, the figures for the first quarter are slightly higher than in the first quarter of 2019, when the coronavirus pandemic began.