ZURICH, March 15 (Reuters) - Cocoa prices are likely stay at current levels, Ernst Tanner, executive chairman of Swiss chocolate maker Lindt & Spruengli said on Friday.
“We expect cocoa prices to stay on current levels,” he told at the company’s full-year results media conference.
“The outlook for the West African cocoa crop is positive. We do not see shortfalls for production or supply this year.”
ICE cocoa futures prices are recovering from last week’s nine-month low, pressured by expectations of ample West African April-to-September mid crops.
U.S. confectionary group Hershey in January raised its earnings outlook for 2013 as it expects to benefit from lower cocoa prices.