The price of cocoa surged through $10,000 per tonne for the first time on Tuesday, as a dizzying rise in prices caused by poor harvests in Africa accelerates.
Cocoa futures traded as high as $10,080 in New York, more than double their price only two months ago, as traders warned a global shortage of cocoa beans would herald higher price tags for chocolate bars. Prices later fell back to trade at $9,624.
The market was “out of control”, said Andrew Moriarty, price reporting manager at Mintec, a commodities data group. “Everyone is just bracing for impact.”
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