An increase in global price of cocoa creates a bitter taste for chocolate makers

Published Apr 7, 2024

Tridge summary

Cocoa prices have reached unprecedented levels in 2023, with significant surges observed in both the New York and London markets, attributed mainly to supply shortages in Ivory Coast and Ghana, the world's top cocoa producers. This situation has led to a dramatic increase in futures transactions, with London and New York cocoa futures experiencing year-to-date rises of 125.6% and 129.4%, respectively. The International Cocoa Organization (ICCO) has expressed concerns over these high prices, suggesting that cocoa might experience the longest period of price increases among commodities due to the ongoing supply constraints.

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

Original content

Cocoa is a sweet treat for investors, but companies and consumers have been rattled by rising prices this year, as market watchers warn that the commodity may be the last commodity to see price increases for a long time. Supply concerns have pushed cocoa prices to record highs in both the New York and London markets this year. Year-to-date, London cocoa futures are up 125.6 percent, while New York cocoa is up 129.4 percent, according to Reuters. During the last year, futures transactions in these two exchanges have increased by 275% and 243.1%, respectively. According to the February report of the ...

Source: Isna