Cocoa has been named the best-performing commodity of 2024, leaving Bitcoin in the dust. While Bitcoin has captured attention all year, especially after it soared past $100,000 in December, cocoa's performance has been even more impressive.
Prices for cocoa, the main ingredient in chocolate, have nearly tripled since the start of the year. In January, cocoa futures were priced at around $4,000 per tonne. By mid-December, they had reached an eye-popping $12,700 per tonne. This huge price jump has been driven by a shortage of cocoa, caused by issues in West Africa, where most of the world's cocoa is grown.
So, what’s behind the cocoa shortage? It all boils down to extreme weather and poor soil health in West Africa, which is suffering from record-breaking heat and drought. The region is also facing a fertilizer crisis, partly because many African countries rely on imports from Russia, Belarus, and Ukraine. With the ongoing war in Ukraine, fertilizer prices have soared, making ...
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