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(March 23): As the Easter holidays approach, higher cocoa prices mean shoppers are paying far more for their chocolate eggs and bunnies. But that’s just the tip of the iceberg.
Higher prices in stores now reflect increases in cocoa in 2023. Since then, the rally has gone into overdrive, and cocoa has more than doubled in price already this year, making it the world’s hottest commodity.
In just the last three weeks, wholesale beans in New York have jumped more than 47%, exceeding US$8,900 (RM42,164) a ton — a level that once seemed unthinkable
Earlier this month, Swiss chocolate maker Lindt & Sprüngli said it would have to raise prices this year and next because of the jump in raw material costs.
While some companies may have cheap inventories to cover production for the next six months, they will opt for gradual price hikes rather than shock customers with steep increases, said Judy Ganes, president of J Ganes Consulting.
“If you push through a price increase now, then you can sustain operations and not have to make a short jump,” sh
Cocoa is more expensive than copper as it tops US$9,000
(March 26): Cocoa extended its surge — gaining more than US$700 (RM3,307) per ton in a single day and surpassing US$9,000 for the first time ever — as a supply crunch grips the market and chocolate makers grapple for beans.
Futures in New York climbed for a fourth straight day, adding to gains after news about funding challenges in Ghana, the world’s second-largest grower.
Cocoa futures soared to a fresh record level of $9,900 a ton, extending the March gains to about 54% and the year-to-date surge to more than 130%, as poor harvest in top producing countries Ivory Coast and Ghana led to supply shortages. El Niño brought heavy rains in December, leading to crop damage and the spread of black pod disease. Subsequent extreme heat, aging cocoa trees, and illegal mining further reduced production. Ghana has revised its cocoa production forecast down to 650,000 tons
