Why the World of Chocolate Is in Crisis
April 21, 2024
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0:53Now PlayingWhy the World of Chocolate Is in Crisis
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as posted by the channelThe world of chocolate is facing such immense cocoa shortages that the wild trading lured an unlikely player: Pierre Andurand, a hedge-fund manager best known for his bets on oil.
By early March, prices had already more than doubled in just a 12-month span. At that point, many speculators were calling it quits and slashing their bullish wagers. That’s when Andurand saw an opportunity to go long.
The signs were all there for a massive deficit: the world had enjoyed chocolate on the cheap for decades, trees were older and crop disease was rampant in the West African countries that supply about half the market. A bit of bad weather was the tipping point for output from Ivory Coast and Ghana, with many traders now fearing production in the growers has entered a long-term retreat. Futures quickly surged about 70% from the start of March to a record this week.
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