They exceeded the $10,000 record per tonne futures for it, expanding a historic rally that has already led to a doubling of this year and will increase the cost of chocolate for the entire 2024, according to a Bloomberg report. Bad crops in West Africa have brought the world into orbit for a third consecutive annual supply deficit. The forthcoming environmental rules in the European Union – the main importer – increase the obstacles to securing grain, and the market struggles with the legacy of low yields paid to cocoa growers. The most active futures contracts in New York showed a price rise of up to 4.1% to $10.047 per tonne. Easter celebrations approaching are a period of peak for chocolate consumption and the lag between commodity and retail markets means that the main burden of impact for consumers is still ahead. Other growers, such as Brazil and Ecuador, seek to increase production, but it takes a few years for new-born cacao trees to yield grain – delaying the relief of strained global supplies. The stock ratio to grinding will fall to the lowest level of over four decades this season, predicts the International Cocoa Organization, reflecting the precarious market position, according to Bloomberg. In London, the most active future fulfillment contracts for cocoa have also more than doubled this year.
New jump in cocoa prices – Over $10,000 per tonne
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