Cocoa prices jump to 3-year high

|By:, SA News Editor

With the growing demand of chocolate across Asia, and new processing facilities in India and China, cocoa prices have shot through the roof. In the last five years, demand for the beans rose in Asia by 29%, although European demand fell by 1% for the same period.

ICE September cocoa rose 3.2% to $3,128 a tonne yesterday, its highest level since 2011. The price on cocoa beans has soared by over 40% over the past year, with cocoa butter rising more than 70%.

ETFs: NIB, CHOC