Chocoholics in Japan Set for Sticker Shock After Cocoa Surge [Yahoo! Finance Canada]
ITOCHU CORP UNSP/ADR (ITOCY)
NASDAQ:AMEX Investor Relations:
itochu.co.jp/en/ir/index.html
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Itochu Corp., one of the country's top trading companies and cocoa importers, says a sudden spike in the retail price of chocolate is inevitable and expects processors to use more substitutes to rein in costs. ADVERTISEMENT Cocoa has been on a tear, with New York futures more than doubling since the start of the year. The rally may have further to run as lower crops in Ivory Coast and Ghana, the top suppliers, leave buyers struggling for beans and traders pulling out of the market make prices vulnerable to large swings. Some of the impact has already begun to reach consumers, with chocolate prices in March rising about 10% versus the prior year, government data show. Fuji Oil Co., a manufacturer of vegetable oils and fats and industrial chocolate under Itochu, will also raise the price of chocolate with a high cacao percentage by more than ¥1,000 ($6) per kilogram at the wholesale level in July. A more drastic increase is likely to happen in Septemb
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