“Panic” in the cocoa market as prices rise to record levels. Cocoa futures in London rose to a record high of 4,916 pounds per metric ton on Friday.
Prices have doubled since the beginning of last year. Despite record high prices, cocoa sellers have largely withdrawn from the market, resulting in continued liquidity challenges. The situation also affects other soft commodities, as raw sugar witnessed a slight increase of 0.2% to reach 24.02 cents per pound. Arabica coffee prices rose by 5.65 cents, or 3%, at $1,915 per pound, and Robusta coffee rose by 3.5% at $3,217 per ton.