Cocoa prices will be going up

[Mike Nolan]

A new cartel between Ghana and the Ivory Coast, which produce about 60% of the world's cocoa supply, is causing cocoa prices to go up. The new cartel is proposing a $400 per metric ton increase for cocoa beans, which would raise cocoa prices by about 16% from the current price of around $2520 per metric ton. In 2016, cocoa futures prices reached about $3300 per metric ton.

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