Cocoa prices soar to record high as El Niño batters West African growers
Global cocoa prices have soared to record highs as bad weather batters harvests in the world’s main producing countries in West Africa.
New York cocoa prices surged to $5,874 per ton on Thursday, a rise of more than 40 per cent since the start of the year. London cocoa futures meanwhile have more than doubled from a year ago, rising 7.3 per cent on Thursday to £4,600 per ton.
The moves prompted a warning from chocolate maker Hershey that surging raw material prices will hit profits.
“We’ve had a humongous...