KitKat, Cadbury Egg Makers Feel Pain of Record High Cocoa Prices
- Nestle, Barry Callebaut and Mondelez have slid this year
- Cocoa futures topped $10,000 for the first time ever this week
Boxes of assorted Hershey chocolates.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
The sudden and sharp rise in cocoa prices this year is taking a toll on chocolate stocks across the world as investors scramble to assess the impact that confectionery companies could face if costs of the key ingredient remain elevated.
Cocoa futures have more than doubled in 2024 and soared above an unprecedented $10,000 a metric ton this week. The commodity has even managed to best the dazzling performance of artificial-intelligence darling Nvidia Corp., and it even became more expensive than copper.