https://en.sputniknews.africa/20240326/cocoa-bean-prices-exceed-10000-per-ton-for-first-time-in-history-1065781666.html
Cocoa Bean Prices Exceed $10,000 Per Ton for First Time in History
Cocoa Bean Prices Exceed $10,000 Per Ton for First Time in History
Sputnik Africa
The global appetite for cocoa and chocolate remains robust, particularly in major economies. Despite economic fluctuations and challenges, consumers continue... 26.03.2024, Sputnik Africa
2024-03-26T15:26+0100
2024-03-26T15:26+0100
2024-03-26T15:26+0100
sub-saharan africa
cote d'ivoire (ivory coast)
new york
cocoa
prices
trade
farmers
agriculture
west africa
international
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In a significant development, cocoa bean prices have surged past the $10,000 per ton mark for the first time in history. The commodity, which forms the backbone of chocolate production, has once again hit an all-time high, fueled by growing fears of a supply shortage.The meteorological landscape plays a pivotal role in this unprecedented price surge. The Ivory Coast, renowned as the world’s leading cocoa supplier, is grappling with unusually hot weather. The scorching temperatures pose a direct threat to the cocoa bean harvest, raising concerns among traders and investors alike.On Tuesday, May cocoa bean futures traded on the New York market soared by 3.9%, reaching an impressive $10,030 per metric ton, increasing 2.4 times since the beginning of the year, according to data from ICE Futures.This remarkable ascent represents a staggering 2.4-fold increase since the beginning of the year. Analysts attribute the surge to a combination of supply-side worries and robust demand dynamics.At the same time, demand for cocoa and chocolate remains high in the world's major economies.
https://en.sputniknews.africa/20240315/what-the-cocoa-deficit-will-be-this-season-1065571489.html
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Muhammad Nooh Osman
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cote d'ivoire (ivory coast), new york, cocoa, prices, trade, farmers, agriculture, west africa, international
cote d'ivoire (ivory coast), new york, cocoa, prices, trade, farmers, agriculture, west africa, international
Cocoa Bean Prices Exceed $10,000 Per Ton for First Time in History
Muhammad Nooh Osman
Writer/Editor
The global appetite for cocoa and chocolate remains robust, particularly in major economies. Despite economic fluctuations and challenges, consumers continue to seek comfort in cocoa-based delights. The confectionery industry, bakeries, and chocolate manufacturers are witnessing sustained demand, further driving up prices.
In a significant development, cocoa bean prices have surged past the $10,000 per ton mark for the first time in history. The commodity, which forms the backbone of chocolate production, has once again hit an all-time high, fueled by growing fears of a
supply shortage.
The meteorological landscape plays a pivotal role in this unprecedented price surge. The Ivory Coast, renowned as the world’s leading cocoa supplier, is grappling with unusually hot weather. The scorching temperatures pose a direct threat to the
cocoa bean harvest, raising concerns among traders and investors alike.
On Tuesday, May cocoa bean futures traded on the New York market soared by 3.9%, reaching an impressive $10,030 per metric ton, increasing 2.4 times since the beginning of the year, according to data from ICE Futures.
This remarkable ascent represents a staggering
2.4-fold increase since the beginning of the year. Analysts attribute the surge to a combination of supply-side worries and robust demand dynamics.
At the same time, demand for cocoa and chocolate remains high in the world's major economies.
