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Cocoa Mar 23 (CC=F)
| Pre. Settlement | N/A |
| Settlement date | 2023-03-16 |
| Open | 2,445.00 |
| Bid | 2,480.00 |
| Last price | 2,484.00 |
| Day's range | 2,445.00 - 2,489.00 |
| Volume | |
| Ask | 2,478.00 |
- Reuters
Ghana plans to buy oil with gold instead of U.S. dollars
ACCRA (Reuters) -Ghana's government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves, Vice-President Mahamudu Bawumia said on Facebook on Thursday. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs. Using gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products, he explained.
- Reuters
Analysis-Investors expand footprint in commodity trade finance as banks retreat
Hedge funds have stepped up financing of trade in commodities such as oil, gas, cocoa and copper as banks hit the limit of what they can risk due to extreme market volatility and higher interest rates making them less competitive. Commodity trade finance covers many types of loans, typically from banks, that facilitate global movement of goods from wheat to gasoline. Most trade finance loans are short-term, less than a year.
- Reuters
Barry Callebaut raises the bar in bid to redefine chocolate making
In a move it hopes will redefine the way chocolate is made, Swiss-based Barry Callebaut launched a new bar on Thursday, the fruit of more than 20 years of research into cocoa beans. The world's biggest chocolatier said its "second generation" chocolate will use around 50% less sugar than traditional chocolate thanks to a new way of cultivating, fermenting and roasting cocoa beans that reduces their bitter taste. The product, which will also use about 60-80% more cocoa, is likely to appeal to more health-conscious consumers and get ahead of laws expected to limit sugar consumption in the future, analysts said.
