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Cocoa prices have surged to unprecedented levels owing to a scarcity in supply. Analysts at Commerzbank suggest the potential for further price escalation.
Cocoa more expensive than ever
In early March, Cocoa prices achieved an unprecedented record high, primarily attributed to a scarcity in supply. The key contributing factor is the diminished harvests in Ivory Coast and Ghana, the two foremost cocoa-producing nations. Consequently, the Cocoa market is anticipated to register a historic supply deficit this crop year, leading to stock levels plummeting to their lowest point in decades.
Short-term relief remains elusive, indicating the potential for a further upswing in prices.
