bullish
Cocoa Reaches All-Time High - First Time since 1960 // Crack Spreads continue to Diverge
SUMMARY
- Cocoa Reaches All-Time High - First Time since 1960 A long-held commodity price record has fallen: The price of NY cocoa futures has surged to almost $5,400 a ton, surpassing the $5,379 peak in place since 1977 ( roughly 46 years ago).
- Cocoa was one of the few commodities that hadn't set a fresh nominal price record in the 2000s.
- The current rally is fuelled by the El Nino weather phenomenon which is causing drier temperatures in West Africa, where three-quarters of the world’s cocoa is produced - this fundamental weather event has now led to a short squeeze situation in the cocoa futures market.
Begin exploring Smartkarma's AI-augmented investing intelligence platform with a complimentary Preview Pass to:
- Unlock research summaries
- Follow top, independent analysts
- Receive personalised alerts
- Access Analytics, Events and more
Join 55,000+ investors, including top global asset managers overseeing $13+ trillion.
Upgrade later to our paid plans for full-access.
or
Already have an account? Sign In Now
Discussions
(Paid Plans Only)
x