24hoursworld

The price of cocoa skyrocketed more than Bitcoin: what happened behind it and how it reaches the shelves

The price of cocoa skyrocketed more than Bitcoin: what happened behind it and how it reaches the shelves

The ton reached US$10,000 and could generate a new increase in the price of chocolate worldwide.

Pixabay

The price of cocoa rose faster than Bitcoin before Easter. The ton exceeded US$10,000 per ton and paved the way for a new increase in the price of chocolate worldwide. Cocoa prices had started to rise in 2023, driven by supply shortfall fears, but They accelerated their bullish rally and since the beginning of the year they rose more than 140%.

This sharp rise could affect consumers who could begin to see the effect of rising prices in the face of the worst supply deficit in decades. lWhat happened was that there were production problems in West Africa, where 70% of cocoa is produced. There happened a wave of bad weather, added to severe diseases and the systematic loss of trees.

“A ton of cocoa now costs more than a ton of copper”, stressed Kathleen Brooks, XBT analyst. The two largest producers, Ivory Coast and Ghanawere affected by a combination of heavy rain and droughtin addition to paying the price of widespread diseases among crops and the difficult conditions of the routes that complicated the transportation of cocoa in the ports.

Chocolate: how it is listed on the stock market

The price of cocoa exceeded US$10,000 per ton in New York, a record, before declining slightly, always galvanized by growing fears of supply shortages. In fact, with these values, cocoa is already worth more than a ton of copper.

The cocoa contract for delivery in May was trading at 3:20 p.m. GMT at $9,931, after having surpassed the barrier of 10,000 dollars per ton at the beginning of the European session. Cocoa prices had begun to rise in 2023, driven by supply deficit fears, but accelerated their dizzying rise in January 2024.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts