Economics
Chocolate Makers Saved by Currency as Cocoa Reaches 39-Year High
- Cocoa futures traded in pounds rallied since the Brexit vote
- Prices actually fell when converted to euros or dollars
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Cocoa prices may have climbed to a 39-year high, but for once chocolate makers have been spared.
That’s because the rally that took futures traded in London to the highest level since 1977 was spurred by a weakening pound after the U.K.’s decision to leave the European Union. With most chocolate makers paying their bills in either euros or dollars, prices in those currencies have actually dropped since the June 23 Brexit vote.