Cocoa bean prices in the global market could rise more than Bitcoin in 2024

Published 2024년 12월 23일

Tridge summary

Cocoa beans are predicted to have the most significant price increase among all global assets in 2024, outpacing Bitcoin and the US stock market. The price of cocoa beans has doubled since the start of the year and reached a record high of $12,931 thousand per ton on December 18. This price surge is due to the largest cocoa bean supply deficit in the last 60 years, with production expected to decrease by 13.1% and year-end stocks by 26.8%. Despite the increased prices, demand for cocoa beans, a key ingredient in chocolate production, remains strong.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Moscow. December 23. INTERFAX.RU - Cocoa beans in 2024 may show the strongest price increase among all global assets, ahead of Bitcoin and the US stock market, writes MarketWatch. Cocoa beans have more than doubled in price since the beginning of the year, and on December 18, their prices rose to a new record high of $12,931 thousand per ton. This rally shows no signs of stopping: the 2023/2024 agricultural year ended with the largest deficit in cocoa bean supply in the last 60 years, according to ING. The price of March cocoa bean futures at the close of trading on Friday was $11,954 thousand per ton. This corresponds to an increase in the price of the nearest futures by about 2.9 times since the beginning of the year, according to Dow Jones Market Data. Bitcoin has increased in price by 2.3 times over the same period, while the S&P 500 has gained less than 25%. The key factor supporting the market remains unfavorable weather in Côte d'Ivoire, the world's largest producer of ...

Source: Interfax