Ivory Coast’s Coffee and Cocoa Council (CCC) has suspended about 40 co-operatives they suspect were illegally hoarding cocoa beans to sell them at a higher price to exporters struggling to fulfil their contracts, two sources at the regulator said on Friday.
Exporters, who have been short of supply due to cocoa disease and adverse weather, are looking for ways to buy beans to honour their contractual obligations and some suppliers were taking advantage of the situation, the sources said. Suspended co-operatives and independent buyers have stockpiled more than 60,000 tonnes of cocoa since the start of the mid-crop in early April, the sources from the CCC told Reuters...
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