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Strong Nigerian Demand Rallies S.W. Cameroon Cocoa Prices

10 Sep 2017 1:51 pm

By Emmanuel Tumanjong

YAOUNDE, Cameroon--Prices paid for cocoa in southwestern Cameroon rose sharply from a week ago in the country's foremost producing locality, amid brisk demand by Nigerian buyers, farmers and traders there told Dow Jones Newswires Sunday.

Traders offered 800 and 875 Central African francs ($1.46 - $1.60) per kilogram of cocoa beans sold there, up 12.04% from XAF705 -- XAF790 traders paid for the same quantity of cocoa beans last week, they said.

After weeks of recess, several Nigerian traders who generally offer higher prices for cocoa have resumed business at southwestern Cameroon's cocoa farm gates.

Although cross-border cocoa trade is illegal, it has kept prices rising in Manyu Division, the Cameroonian locality flanking Nigeria, although farmers in other parts of southwestern Cameron earn less for traded cocoa beans, according to farmers and traders.

With favorable weather and refurbished roads linking Cameroon and Nigeria and Nigeria, cocoa value has improved to attract better prices in recent months.

Cameroon's southwest province accounted for about half of the country's 231,642 Metric tons of cocoa beans produced in the just-ended 2016-2017 crop season (August--July), a 14% fall from 269,000 tons output the season before, according to government and industrial figures.

Write to Emmanuel Tumanjong at

generaldesklondon@dowjones.com

(END) Dow Jones Newswires

September 10, 2017 09:51 ET (13:51 GMT)

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