A Failed Crop Rattled the Chocolate Industry. Then Speculators Came.
www.nytimes.com
After a production shortfall in West Africa, cocoa prices rose to $4,000 a metric ton from $2,500. Then they went nuts.
  • Admiral Patrick@dubvee.orgEnglish
    14·
    7 months ago

    But while the production shortfall underpinned the initial price gains, speculation from investors like hedge funds took things to another level.

    “Yes, there’s fundamentals that trigger the move, but then these financial considerations add to it and compound to the situation.” said Judy Ganes, a commodities consultant. “It’s money driven.”

    And we can charge anything we want: 2,000 a day, 10,000 a day. And people will pay it

  • nick
    41·
    7 months ago

    You might say they sent cocoa nuts