Cocoa Prices Reach Highest Level Since 1977

Cocoa bean prices have reached a record high during trading, the highest in the last 46 years. This was reported by the MarketWatch portal. According to the portal, the price of one ton of cocoa beans on the London ICE exchange has risen to $5,009, the highest level since July 20, 1977, according to Dow Jones.

“The availability of cocoa beans from West Africa remains limited, and forecasts for another production shortfall compared to next year's demand are increasing,” quoted The Price Futures Group's vice president, Jack Scoville. He noted that one of the reasons for such expectations is the El Niño climate phenomenon, which threatens crops in West Africa with hot and dry weather.