West Africa’s Cocoa Crisis: Prices Soar to Record Highs, Outpacing Copper and Straining the Chocolate Industry

Copper cheaper than cocoa

On the New York futures market, cocoa prices rose over 5 percent on Tuesday to a record high of $9,400 per ton. This surge in price has made cocoa more expensive than copper, a significant shift in the commodities market. The increase in cocoa prices is causing panic in the industry due to factors such as poor weather conditions and structural issues like aging and diseased trees in West Africa, which is the main source of cocoa production.

This trend has led to smaller harvests and a 50 percent increase in the price of cocoa in just one month. The rising prices of cocoa beans have significant implications for the chocolate industry, as costs are likely to be passed on to consumers. With supply chain challenges and increased demand for cocoa products, there is a possibility of a global shortage of this important commodity. Both producers and consumers are concerned about this trend that could have far-reaching effects on the chocolate industry.

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