Cocoa Prices Surge Above $10,000 per Metric Ton

Cocoa prices are soaring, breaking the $10,000 per metric ton barrier for the first time in history. This surge, attributed to lackluster harvests in West Africa and hedge fund activity, amounts to a staggering 140% increase for the year. The confectionery and food industries are now compelled to raise prices and reduce product sizes. Such steep price hikes in cocoa are daunting for chocolate manufacturers and consumers alike, indicating potential shifts in the market's supply dynamics.