Adds ICCO quote, particulars
LONDON, Could 31 (Reuters) – The Worldwide Cocoa Group (ICCO), citing beneficial rising circumstances, on Monday forecast a world cocoa surplus of 165,000 tonnes within the 2020/21 season (October/September), up from a earlier projection of 102,000 tonnes.
The inter-governmental physique, in a quarterly replace, projected manufacturing rising by a better than beforehand anticipated 6.3% within the season to five.02 million tonnes, whereas grindings have been seen climbing by 3% to 4.81 million.
“The 2020/21 season has to this point typically witnessed beneficial rising circumstances that bode nicely for cocoa manufacturing. In consequence, a world document manufacturing is envisaged,” the Abidjan-based ICCO mentioned.
High grower Ivory Coast was seen producing a document 2.225 million tonnes, up 75,000 tonnes from the ICCO’s earlier forecast issued in February.
ICCO mentioned demand for cocoa was anticipated to rebound within the 2020/21 season because the detrimental results of the COVID-19 pandemic start to wane, however was prone to stay beneath pre-pandemic ranges.
The organisation estimated there was a marginal world cocoa surplus of 10,000 tonnes in 2019/20.
(Reporting by Nigel Hunt; Modifying by David Evans and Invoice Berkrot)
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