World: Cocoa prices reached a high record

Published 2024년 3월 26일

Tridge summary

Cocoa prices have seen an unprecedented surge, doubling since the start of 2024 and increasing by over 250% from the previous year, surpassing Bitcoin in investment returns. This remarkable rise, with cocoa exceeding $10,000 per ton and futures contracts reaching a 65-year high at $5,600 per metric ton, is primarily due to crop failures in West Africa and supply chain disruptions. This situation has not only led to higher profits for chocolate manufacturers, despite a decrease in product sales, but has also intensified inflation concerns. The article compares this phenomenon with the record highs of other commodities like gold and uranium, and recalls the lumber price spike in 2021, highlighting the impact of supply chain issues and market dynamics on commodity prices.

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

Original content

The last time cocoa prices rose to a record high was just a few weeks ago. Cocoa has been the subject of an incredible price surge, doubling in value since the start of 2024 and rising more than 250% since the end of last year. So far, the commodity has garnered better returns than Bitcoin. Cocoa for the first time in history exceeded 10,000 dollars per ton. In early February, however, cocoa prices doubled and one futures contract reached $5,600 per metric ton. That was the highest price the contract has reached in 65 years, according to Bloomberg data. The raw material for making chocolate has seen an incredible spike in price after crops were hit in West Africa and the supply chain was "broken". Chocolate makers are making serious profits while selling less product, suggesting the companies are helping to keep inflation high. Cocoa prices are double. Futures contracts are at their highest levels in 65 years The last record was set in 1977 And prices of other raw materials have ...

Source: Money