World: Cocoa prices broke a record, and chocolate prices increased

Cocoa prices rose to record levels as adverse weather conditions reduced supply. Cocoa futures prices have doubled in less than three months. The most active contract was traded in New York at $8,394 per ton. The crisis in cocoa triggered the increase in chocolate prices. Prices increased before the Easter holiday, when chocolate consumption is intense in the USA. Martin Hug, CFO of the world-famous chocolate brand Lindt, stated that there are many players in the market who increase prices and that the market is difficult to predict. Cocoa yields have been low for three years in Ghana and Ivory Coast, which produce approximately 60 percent of the world's cocoa. The yield was expected to be low in the fourth year as well. The decline in cocoa bean supplies disrupted the supply chain. Large processing plants announced that they ...