The market price of cocoa reached $11,954 per ton in March, up nearly 185% year-to-date.
Cocoa beans became the best performing commodity in 2024, outpacing Bitcoin’s rise in value and the US stock market’s return. MarketWatch reported this on Tuesday, December 24.
The price of traded cocoa reached $11,954 per metric ton in March, up nearly 185% year-to-date.
In comparison, the value of Bitcoin increased by 128%, while the S&P 500 increased by only 25%.
Analysts suggest there is no sign of a downward trend yet, as the 2023-2024 agricultural year ended with the largest shortage in the supply of cocoa beans in 60 years.
Earlier, a poor cocoa harvest in West Africa pushed futures to a record high of more than $11,700 a tonne.
Cocoa futures recently rose to their highest levels in nearly six months.
Source: korrespondent
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