Cocoa faces slump as virus lessens chocolate demand
INTERNATIONAL – Cocoa processing probably declined in the first quarter on falling chocolate demand from retail outlets shuttered across the globe because of the coronavirus outbreak, according to surveys conducted by Bloomberg.
In Europe, the biggest consuming region, grinding may fall 3% from a year earlier, according to the median estimate in a survey of seven analysts, brokers and processors. Estimates ranged from a drop of 1% to as much as 11%. North America faces a drop of 5.3%, the median of six projections for a decline of 3% to 7.5%.
Asian processing may slump 9%, according to four estimates.
Source: iol.co.za
