On Tuesday, cocoa futures in NY surged above the previously unthinkable $10,000/T. The $1,000 surge over two days is equal to a year's trading range !
Although in nominal terms cocoa prices are at a record, in real terms — adjusted by inflation — prices remain below the peaks of the 1970s. The record high set back then equals to about $27,000/T in today's $.
Cocoa market set to suffer its largest deficit ever this year.
