Cocoa prices have halved from their peak amid falling consumer demand
Cocoa futures prices have fallen to 20-month lows, roughly half their recent peaks.
The most active cocoa bean futures contract in New York fell to $6,150 per ton during the session. Last December, the contract traded above $12,000.
In London, cocoa futures are trading at £4,262 ($5,713) per ton, down 58% from their multi-year highs seen last April.
The decline in cocoa prices is a result of reduced consumer demand, which in turn was driven by sharp price increases in recent years, according to the Financial Times, citing analysts.
Furthermore, experts expect a good harvest in the largest cocoa-producing countries in West Africa.
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