Cocoa prices have soared to record heights, as weather conditions worsen in the Ivory Coast.
A woman spreads cocoa beans during the sun-drying process in the backyard of her house in Asikasu, Ghana on December 19, 2020.may get most of the headlines, but the hottest trade of 2024 is shaping up to be a commodity: cocoa.to records since the beginning of the year, with prices now approaching $9,000 per metric ton. On Friday, they hit a fresh all-time high, last up 2.8% at $8,789 per ton. Prices are also up more than 10% for the week.
Severe El Niño-induced dry weather conditions and reported wildfires have cut down cocoa supply. Demand has also remained strong in countries like the United States, helping companies such as Hershey's and Mondelez better offload rising prices onto consumers.Rainy season in the Ivory Coast typically runs from April to October, but the region is currently facing hotter-than-usual temperatures, which could extend its lack of abundant rainfall, Reuters reported.
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