USA: Cocoa breaks the record, prices have crossed a new historical level

Published 2024년 4월 19일

Tridge summary

On April 19, cocoa futures soared to a record high in New York, with the most active contract climbing 5% to $11,578 per ton, driven by a global supply shortage and steady demand from chocolate factories. Despite the spike in prices, which have more than doubled since early 2024, North American cocoa grinding increased by nearly 4% in the first quarter year-over-year, contrasting with slight declines in Europe and Asia. This price surge is largely due to consecutive poor harvests in key West African countries, marking a third year of supply deficits.

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Original content

Cocoa futures hit a new record high in New York on Friday, April 19, as processing rates at chocolate factories persisted despite a global supply crunch and record prices. Thus, the most active contract rose by 5% and reached a historic high of $11,578 per ton at the start of trading, writes Bloomberg. The data, released the day before the market closed, showed that so-called grinding, where cocoa is turned into butter and powder used in confectionery, rose nearly 4% in North America during the first quarter compared with the same period a year ago. At the same time, recycling in Europe fell by only about 2%, and also declined in Asia. The data comes even as futures prices have more than doubled since the start of 2024. The two-year rally in cocoa bean prices peaked in March, when futures contracts reached ...

Source: Unian