Cocoa caps 2024 as biggest commodity winner. It’s not over yet

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Cocoa caps 2024 as biggest commodity winner. It’s not over yet - Business Mirror

Quick Summary:

Cocoa’s rally has soared past all major commodities in 2024, and there’s little sign the tight supply and fragile trading landscape that prompted its near-vertical trajectory are in for a fast fix.

Prices have almost tripled as faltering production in West Africa—the world’s biggest growing region—spurred massive supply shortages.

Following a sharp drawdown in global stockpiles, the buffer is small if West Africa’s crop disappoints, “which increases the risk of price spikes,” the analysts added.