Cocoa prices surge past $4,000/tonne in New York, highest since 1978

Cocoa prices topped $4,000 per tonne in New York on Friday, 10 November, the highest since 1978, as the outlook of poor crop harvests across West Africa has been a bullish factor pushing prices higher this week.

There is also an increasing risk that El Nino-induced weather disturbances could cause the global cocoa market to sink into a deficit for the third year, Zero Hedge reported. 

According to Bloomberg, harvests in Ivory Coast and Ghana — some of the world’s largest cocoa producers — are producing lower crop yields, which has led to tighter supplies, therefore supporting higher prices. 

Leave a Comment