Cocoa prices hit record highs amid weather woes in West Africa

Economy

Published: 2024-02-09 14:51

Last Updated: 2024-02-25 04:38


Cocoa prices hit record highs amid weather woes in West Africa
Cocoa prices hit record highs amid weather woes in West Africa

Cocoa prices surged to their all-time highs this week, as adverse weather conditions in West Africa, the home of three-quarters of the world's production, impacted the harvest, according to CNBC.

Futures prices for cocoa have risen by over USD 1,000 or nearly 40 percent since the beginning of the year, reaching their highest level ever during the day at USD 5,874 per metric ton, surpassing the peak of 1977 at USD 5,379 per ton.

This marks an increase of around USD 600 per ton since last Friday's close, putting the contract at its highest level in 65 years.