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.
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