Bitter Valentine’s Day for Chocolatiers With Cocoa Prices at Record High
- There’s no relief in sight with poor West African cocoa crops
- Citi says cocoa could exceed $7,000 if supplies deteriorate
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Valentine’s Day is far from sweet for the world’s largest chocolate makers.
Cocoa prices have climbed to a record, and with traders now weighing whether West Africa has a structural supply problem, there’s no relief in sight. Consumers are starting to balk at higher prices — Hershey Co.’s North American confectionery sales volume slumped in the latest quarter.