Sharp drop in cocoa prices hits producers

Abidjan

THE world's cocoa-growing countries must coordinate production strategies to confront a sharp drop in global prices that has hit farmers and government coffers hard, the chairman of the International Cocoa Organization (ICCO) said on Monday.

Bumper crops around the world have sent cocoa futures tumbling by roughly a third since last year. New York cocoa hit its lowest price for almost a decade last week and the London market its lowest in four years.