Tuesday saw a record high for cocoa as prices rise due to limited availability. At $10,030 per metric tonne, May delivery futures were up 3.9%, breaking the $10,000 barrier for the first time. This year, cocoa has increased by around 138%.
Approximately seventy percent of the world’s cocoa is produced in West Africa, but unfavourable weather and illness have affected production there. Ivory Coast and Ghana, the two biggest growers, have recently been impacted by a combination of high rain, scorching heat, and illness.
Source (CNBC)
