https://en.sputniknews.africa/20241224/cocoa-bean-prices-could-rise-more-than-bitcoin-in-2024-media-reports-1069868098.html
Cocoa Bean Prices Could Rise More Than Bitcoin in 2024, Media Reports
Cocoa Bean Prices Could Rise More Than Bitcoin in 2024, Media Reports
Sputnik Africa
This year's cocoa market experienced dramatic price swings due to a crop failure, caused by a prolonged drought, coupled with the effects of climate change... 24.12.2024, Sputnik Africa
2024-12-24T15:28+0100
2024-12-24T15:28+0100
2024-12-24T17:42+0100
sub-saharan africa
united states (us)
cote d'ivoire (ivory coast)
cocoa
economy
bitcoin
agriculture
chocolate
export
production
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Cocoa beans could see the biggest price gain of any global asset in 2024, outpacing Bitcoin and the US stock market, according to the media.The cocoa prices have more than doubled this year, hitting a record $12,931 per tonne on December 18, fueled by the largest 60-year deficit in the 2023/2024 crop year, according to the ING, a global financial institution.March futures closed Friday at $11,954 per tonne – a near threefold increase since January, compared to Bitcoin's 2.3 times increase and the stock market index Standard and Poor's 500 under a 25% gain.Adverse weather in Cote d'Ivoire, the world's leading cocoa producer, and record ocean temperatures are severely impacting West African harvests. The International Cocoa Organization forecasts a 478,000-tonne deficit for 2023/2024, with production down 13.1% and year-end stocks down 26.8%.Despite these price increases, strong consumer demand for chocolate and coffee is expected to continue. Experts predict further price increases due to the combination of poor weather and typical pre-holiday demand surges.
https://en.sputniknews.africa/20241217/ghanas-mahama-plans-to-restructure-cocoa-sector-aiming-to-boost-efficiency--farmer-profits-1069752343.html
united states (us)
cote d'ivoire (ivory coast)
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united states (us), cote d'ivoire (ivory coast), cocoa, economy, bitcoin, agriculture, chocolate, export, production, west africa, weather, climate, climate change
united states (us), cote d'ivoire (ivory coast), cocoa, economy, bitcoin, agriculture, chocolate, export, production, west africa, weather, climate, climate change
Cocoa Bean Prices Could Rise More Than Bitcoin in 2024, Media Reports
15:28 24.12.2024 (Updated: 17:42 24.12.2024) Ekaterina Shilova
Writer / Editor
This year's cocoa market experienced dramatic price swings due to a crop failure, caused by a prolonged drought, coupled with the effects of climate change, and subsequent financial speculation, significantly impacting an industry that depends on affordable production costs.
Cocoa beans could see the biggest price gain of any global asset in 2024, outpacing Bitcoin and the US stock market, according to the media.
The cocoa prices have more than doubled this year, hitting a record $12,931 per tonne on December 18, fueled by the largest 60-year deficit in the 2023/2024 crop year, according to the ING, a global financial institution.
March futures closed Friday at $11,954 per tonne – a near threefold increase since January, compared to Bitcoin's 2.3 times increase and the stock market index Standard and Poor's 500 under a 25% gain.
Adverse weather in
Cote d'Ivoire, the world's leading cocoa producer, and record ocean temperatures are severely impacting West African harvests. The International Cocoa Organization forecasts a 478,000-tonne deficit for 2023/2024, with production down 13.1% and year-end stocks down 26.8%.
Despite these price increases, strong consumer
demand for chocolate and coffee is expected to continue. Experts predict further price increases due to the combination of poor weather and typical pre-holiday demand surges.
