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After drought and heat, cocoa prices rise to record highs

After drought and heat, cocoa prices rise to record highs
Cocoa beans are more expensive than they have been for a long time (symbolic image).
Image: (APA/AFP/SIA KAMBOU)

The US future for the chocolate raw material rose in New York by more than three percent to 5,810 dollars (5,379 euros) per ton. Traders explained the price increase with a period of drought and heat in the Ivory Coast growing region. That could worsen forecasts for supply shortages in 2023/24. According to current forecasts, a deficit of around 500,000 tons is expected.

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