Sat. Jun 22nd, 2024
Cocoa Price Increasing Faster Than Bitcoin, Stabilization Not Expected Soon

Belgian chocolate producers are feeling the impact of the steadily increasing price of cocoa, which now costs over $10,000 per ton. This rise is due to disappointing harvests and there is no sign of stabilization in the near future. Despite the high cost, investing in cocoa could turn out to be very profitable as the price has reached unprecedented levels in recent months.

On the New York futures market, a ton of cocoa beans was recently sold for $10,047, an increase of 186 percent from previous months. This surge surpassed even the growth rate of Bitcoin. Poor harvests, exacerbated by weather phenomena like El Niño, have led to a scarcity of cocoa in the market.

The high cost of cocoa is particularly affecting Belgian chocolate producers as Belgium is the world’s second largest exporter of chocolate. With record prices being set every week, the cost of chocolate is expected to rise for consumers. Large companies in the industry have already indicated that they will be increasing prices to offset the rising costs of cocoa.

However, some Belgian producers like Libeert are taking steps to mitigate the effects of record prices. By purchasing cocoa at times when prices are low, they are able to control costs and ensure a steady supply for peak seasons like Easter and Christmas. Despite the challenges posed by high cocoa prices, the Belgian chocolate industry remains a major player in

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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