June 21, 2024

Cocoa Prices Surge to Record High on New York Futures Market, Causing Panic in the Industry and Impacting Chocolate Consumers Worldwide

1 min read
Copper cheaper than cocoa

On the New York futures market, the price of cocoa rose over 5 percent on Tuesday to a record high of $9,400 per ton. This surge in price has made cocoa more expensive than copper, a significant shift in the commodities market. The increase in cocoa prices is causing panic in the industry as factors such as poor weather conditions and structural issues have led to smaller harvests.

These issues have contributed to a 50 percent increase in the price of cocoa in the month of March alone. The rising prices of cocoa beans have significant implications for the chocolate industry, as costs are likely to be passed on to consumers. The combination of supply chain challenges and increased demand for cocoa products could lead to a shortage in the global cocoa supply. This trend is concerning for both producers and consumers in the chocolate industry.

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