Cocoa prices have surged to record highs, recently surpassing $10K per ton, amid a backdrop of extreme weather conditions in West Africa, which produces three quarters of the world’s cocoa. This dramatic increase, representing a doubling since the start of the year and a 150% rise from the previous year, has been attributed to heatwaves and intense rains affecting the supply. Notably, famed oil trader Pierre Andurand capitalized on this trend by betting on higher cocoa prices just before the surge, a move that has garnered attention given the volatility and risk associated with such trades. Financial institutions like Citi suggest there may still be potential for further increases in cocoa and coffee prices.
The price of cocoa is at or near all-time highs on global markets, with costs having soared 150% from a year ago. The main reason for the spike — extreme weather. https://t.co/q91qMqqPRt
'Cocoa Could Double From Here' - Oil-Bull Andurand Gets Greedy On Chocolate https://t.co/ucoB752DRQ
Cocoa prices have been soaring this year, more than doubling since the start of the year and recently passing $10k per tonne for the first time According to the UN this is linked to heatwaves and intense rains in West Africa, which produces three quarters of the world’s cocoa. https://t.co/u3g3EVQ9hE
Famed Oil Trader Andurand Bet on Cocoa Just Before Price Surge Futures have soared to record levels on weather, supply woes The trade has become increasingly risky due to volatility https://t.co/ZKTOiYrlMY
Oil trader Pierre Andurand’s hedge fund bet on higher cocoa prices ahead of a massive surge last month https://t.co/S7arl5dPRk via @markets
Oil trader Pierre Andurand’s hedge fund bet on higher cocoa prices ahead of a massive surge last month https://t.co/IQ4PJiSKTY
*OIL TRADER ANDURAND BET ON COCOA JUST BEFORE PRICE SURGE
FAMED OIL TRADER ANDURAND BET ON COCOA JUST BEFORE PRICE SURGE
Cocoa and coffee prices have soared to record highs — and Citi says there may still be room to run https://t.co/QEGMVInOg1
NEW: Cocoa prices reach 💵 $10K per ton 👀 https://t.co/QrRH6zZoaC
Look at our little friend cocoa... price rolling over https://t.co/hzFheBD9rl
Cocoa prices hit historic milestone https://t.co/ZnEiBkYofE