Cocoa is becoming a luxury commodity on world markets

Cocoa prices in New York hit an all-time high above $10,000 on persistent supply concerns, further fueling worries about the increased cost of Easter eggs and other chocolate treats.
The raw material, which is mainly used for the production of chocolate, reached 10,080 dollars per ton, AFP reported.
Later, the most-traded cocoa contract was at $9,767 as weak harvests in producing countries fueled shortages.
Meanwhile, cocoa prices in London rose to a new all-time high of £8,682 a tonne.
The booming cocoa market has raised concerns about the knock-on effect on the price of chocolate at a time when major global economies are already grappling with high inflation.
"Chocolate is the new luxury item in town and we expect prices of the sweet treat to rise in response," said Kathleen Brooks, an analyst at XTB.
The price of cocoa in New York has more than doubled this year, jumping about 135%.
Prices in London have jumped by 144%.
Cocoa rallied in 2023 on a wave of speculation about a global supply shortfall, where demand is outstripping supply.
The market accelerated its meteoric rise this year, driven by a supply crunch due to bad weather in Ghana and Ivory Coast.
West African countries are the largest producers of the raw material in the world.
Both countries were hit by heavy rains that caused a difficult year for the harvest.
Producers are now also facing new shocks due to the resumption of the El Niño climate phenomenon, which is causing drought in some areas and floods in others.
"Basic supply and demand factors have driven cocoa prices higher this year," Brooks noted.
"Reduced supply from West Africa, the main cocoa-growing region, together with increased demand is putting upward pressure on the price," she added. /BGNES