For any commodity traders who happen to like there choccies take a look at the current Cocoa price hit a whopping $8100 per tonne.
That broke a 50 year high apperantly it's not close to over yet.
Trading opportunities abound.Cocoa Fever: Record-breaking Prices and Future Predictions
But right now, there is one Commodity that is smashing records almost on a weekly basis.
And that’s Cocoa.
Cocoa prices have been on an absolute tear this year – racking up double digit gains on a consecutive weekly basis.
Benchmark Cocoa prices on the Intercontinental Exchange in New York – soared over 25% this week – registering a new all-time record high of $8,100 per tonne – surpassing sweet Commodity’s previous peak set nearly 50 years ago.
Cocoa prices are now up 103% from their opening price of sub $4,000 per tonne at start of this year and have more than doubled in the short space of two-months.
But more impressively, Cocoa prices have now notched up a staggering gain of over 225%, from this time last year, when prices were trading at $2,495 per tonne.
And this could just the beginning!
The International Cocoa Organisation (ICCO) expects global Cocoa production will fall by 10.9% to 4.45 million metric tons this season. This will leave the market with a deficit of 374,000 tons this season, up from 74,000 tons last season.
The imbalance between supply and demand is expected to get even worse next year. Cocoa inventories are expected to cover just 31% of global demand with supply falling to its lowest level in 45 years.
