Cocoa prices hit highest since 1977 due to drought impacting West African crops and expected global deficit.

Cocoa prices have reached their highest level since 1977 due to concerns over drought affecting West African crops and an expected global cocoa production deficit. The most active cocoa futures have jumped by 2.2% to $4,961 per ton in New York, with prices increasing by 126% since September 2022. The ongoing price surge could lead to higher costs for major chocolate companies, such as The Hershey Company.

February 02, 2024
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