Global cocoa bean prices set a new price record and climbed to as high as $6,929 per metric ton this week at the London-based Intercontinental Exchange (ICE), the Ecofin news agency, Report informs referring to TASS.
The rise in cocoa bean prices totaled 54.4% year on year from the year start, the news outlet said. Cocoa beans became the global leader in rising prices among agricultural commodities.
The greater demand for cocoa beans is backed by concerns of traders regarding their shortage amid the low harvest in Ghana and Ivory Coast. The cocoa bean shortage is estimated at 350,000 metric tons this year.