Source: CNBC
“The price of chocolate’s key ingredient has skyrocketed this year, prompting analysts to issue fresh warnings about extreme price volatility. The New York Cocoa futures contract with March delivery traded as much as 1% higher at $11,938 per metric ton on Tuesday, notching yet another record high. It has since pared some of those gains, trading at $11,864 at around 8:20 a.m. ET. The benchmark contract, which hit an all-time intraday high of $11,925 in the previous session, is up over 180% year-to-date. It comes amid renewed concerns about adverse weather conditions and supply tightness in West Africa, home to around three-quarters of the world’s cocoa production. … Like cocoa, coffee prices have also soared in 2024, with analysts recently warning it could take years for one of the world’s most traded commodities to recover.” (12/17/24)