• Mon. May 27th, 2024

Cocoa Price Increasing Faster Than Bitcoin, Stabilization Not Expected Soon

Byeditor

Mar 26, 2024

The price of cocoa has been steadily increasing, with one ton now costing over $10,000. This rise is due to disappointing harvests and there is no sign of stabilization in the near future. Despite the high cost, investing in cocoa could turn out to be very profitable as the price has reached unprecedented levels in recent months.

On the New York futures market, a ton of cocoa beans was recently sold for $10,047, a significant increase from previous months. The price has surged by 186 percent, surpassing the growth rate of even Bitcoin. Poor harvests, exacerbated by weather phenomena like El Niño, have led to a scarcity of cocoa in the market.

Belgian chocolate producers are particularly feeling the impact of the high cocoa prices, as Belgium is the world’s second largest exporter of chocolate. With record prices being set every week, the cost of chocolate is expected to rise for consumers. Large companies in the industry have already indicated that they will be increasing prices to offset the rising costs of cocoa.

However, Belgian producers like Libeert are taking steps to mitigate the effects of record prices. By purchasing cocoa at times when prices are low, they are able to control costs and ensure a steady supply for peak seasons like Easter and Christmas. Despite the challenges posed by high cocoa prices, the Belgian chocolate industry remains a major player in the global market.

By editor

Leave a Reply