Home News On the chocolate market, higher prices and shortages can threaten for more expensive cocoa

On the chocolate market, higher prices and shortages can threaten for more expensive cocoa

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On the chocolate market, higher prices and shortages can threaten for more expensive cocoa

On the chocolate market, the rise in the price of cocoa may lead to higher prices and shortages. The price of cocoa reached the level of 9250 dollars per ton. Cocoa is currently more expensive than copper. Saxo Bank commodity analyst Ole Hansen reported on this on Tuesday.

“Cocoa futures have risen 215 percent in New York over the past year, and are up 118 percent so far this year. The market is in a complete panic at the moment with chocolate producers trying to get supplies from sources other than West Africa, where supplies to ports lag behind last year by almost 30 percent,” said the analyst.

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Hansen said the rally is being driven by chocolate makers buying futures to get supplies or cover their hedge positions. “During the eight-week period ending March 19, producers bought 296,000 tons on the New York futures market and 530,000 tons on the London market,” the analyst said, adding that the rally will continue until chocolate producers get the cocoa they need. or until prices reach levels that slow demand.

According to the analyst, the increase in cocoa prices is likely to be felt later in the year. It can be reflected both in the price level and in reducing the size or weight of the products while maintaining the same price.

According to Hansen, the reason for the significant increase in cocoa prices is a combination of several factors, especially in West Africa. Cocoa production was affected by difficult weather conditions, especially last year’s intense heat. The rising costs of pesticides and fertilizers, in turn, made conditions more difficult for farmers, who had trouble obtaining them. Pests also complicated the situation.

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