The world market is suffering from many years of bad crops, so businessmen and chocolate -producing companies are widely buying the remains of even low -reasonable cocoa.
In London and New York, cocoa reserves fell to a minimum historical, which further aggravated the chocolate market crisis. This has been reported by the Financial Times.
The world market is suffering from many years of bad crops, so businessmen and chocolate -producing companies are widely buying the remains of even low -reasonable cocoa.
According to Wells Fargo, chocolate prices in the United States rose 20% compared to last year.
CocoA reserves in the Intercontinental Exchange London Exchange reduced from more than 100,000 tons a year ago to just 21,000 tons.
It has been noted that for the past two years, the cost of cocoa tripled, which reaches a maximum to 50 years. As a result, manufacturers reduce the size of the tiles, change the recipe and find ways to prevent record costs.
The situation is critical that the American company Hershey appealed to the US derivatives regulator with the request of allowing it to buy 90,000 tons of cocoa through the New York Exchange – nine times more established limitations.
Earlier it was reported that the world’s prices for Cocoa were updating a historical record. Cocoa futures in New York have achieved a new history record. The most active contract grew by 5%, reaching $ 1,1578 per metric tons at the beginning of the trade on Friday, April 19.
Remember that coffee shows the longest series of prices in 45 years.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.