Cocoa prices have been on the rise since last year, but are now soaring and hitting record highs. In just the past three months, prices are up 133.77% from January to now.
Chocolate is above $10,000 per ton, which is higher than most metals including copper. Establishments are also not able to purchase more than an allocated amount.
The sky rocketing prices are due to the weather conditions in West Africa. El Niño has had above average temperatures and there has been excess rain and flooding in December. All of the excess rain has caused the cocoa pods to form a fungus, making them unusable. This fungus has the cocoa supply down by about a third world wide.
By - FZ
Comments