Cocoa prices have surged globally, testing the $10,000 per ton level due to unfavorable weather conditions in key cocoa-producing regions like West Africa.
In 2024, invest like the big funds from the comfort of your home with our AI-powered ProPicks stock selection tool.prices have surged since the start of the year, recently crossing the significant $10,000 per ton mark. Unfavorable weather conditions, particularly in key cocoa-producing regions like West Africa, are driving this trend.Weather is a major factor here too, especially in countries like Brazil and Vietnam, which are significant players in the global coffee market.
Excessive rains leading to fruit rot, coupled with prolonged periods of high temperatures exceeding 30 degrees Celsius causing drought and reduced yields, are the primary reasons behind these shortages. The concentration of harvest areas in specific locations raises the risk of ongoing shortages. As a result, we may soon experience higher prices for basic confectionery products in stores.Extreme weather conditions in Brazil and Vietnam, major coffee producers, are driving up coffee prices. May contracts show an increase of over 5%, particularly for Robusta coffee, which is up by nearly 30%.
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