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Cocoa Prices Hit Historic High

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The commodity broke above the $10,000-per-metric-ton mark on Tuesday for the first time ever

The price of cocoa beans surged to an all-time high on Tuesday, amid supply constraints in West Africa, which produces about 70% of the crop globally.

Benchmark cocoa futures for May delivery on the Intercontinental Exchange (ICE) in New York briefly spiked to $10,030 per metric ton in intraday trading before later easing to trade at around $9,625 per ton. It’s the first time the commodity broke above the $10,000 mark.

Prices skyrocketed more than 150% in the last three months, and are up 255% since March 2023.

Experts attribute the price spike to poor crops in West Africa as the two largest producers, Cote d’Ivoire and Ghana, have been struggling for months with extreme weather changes and cocoa-pod diseases.

“As these two leading producing countries supply about two-thirds of global cocoa beans, any change in their production tends to have a significant impact on the cocoa market,” the International Cocoa Organization (ICCO) warned in a recent report.

A significantly lower cocoa harvest is also expected in other cocoa-producing countries, such as Nigeria and Ghana.


READ MORE: Cocoa giants scaling back production – Reuters

Global cocoa supply is projected to fall 8% in the 2023-2024 season compared to the previous 12 months, according to data by analytics and consulting firm GlobalData.

Meanwhile, some chocolate manufacturers have already warned that rising cocoa bean prices may force them to pass on the cost to consumers.

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Victims of Domestic Violence Rally Against Proposed Joint Custody Laws in Japan, Citing Legal System Flaws

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In Japan, the debate over joint custody laws reveals deep societal concerns about family violence and its impact on victims. Critics argue the proposed joint custody laws could endanger victims by inadvertently reconnecting them with abusive ex-partners. Demonstrations have taken place, with advocates arguing that the system lacks effective measures to protect those affected by family violence.

Women, disproportionately impacted, represent a higher percentage of abuse reports. Allegations of physical abuse backed by photographic evidence and medical reports have been dismissed by the courts, leaving victims feeling helpless and ignored. On the other hand, parents deprived of their children’s presence argue the legal system fails to address their grievances or consider the emotional harm inflicted on both children and parents.

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Electricians’ Union Raises Alarm Over Unsafe Practices in Solar Industry

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In Australia, safety and employment conditions in the solar farm industry are raising concerns. There have been reports of unqualified workers, including backpackers on working holiday visas, doing electrical tasks that legally require licensed electricians. The electrical trades union has pointed out cases where trade assistants without proper qualifications or supervision performed risky electrical work.

Incidents include workers installing solar panels in water, posing a risk of electrocution. Poor working conditions have led to dissatisfaction among electricians, who feel their safety concerns and expertise are being ignored. The industry is currently facing a significant demand for electricians due to the rapid expansion of solar farm constructions, with 34 projects underway. The union is urging the renewable energy sector to invest in training a new generation of electricians to meet this demand.

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Tesla Faces Backlash from Cybertruck Owners Citing Multiple Performance Flaws

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