Cocoa Climbs on Signs of Resilient Demand Despite Record Price [Yahoo! Finance]
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Source: Yahoo! Finance
(Bloomberg) -- Cocoa climbed in New York as grindings data suggested demand for the chocolate ingredient is holding up even as prices soared to a record amid a global crunch. Most Read from Bloomberg Dubai Grinds to Standstill as Cloud Seeding Worsens Flooding Elon Wants His Money Back Singapore Loses ‘World's Best Airport' Crown to Qatar Red Lobster Considers Bankruptcy to Deal With Leases and Labor Costs Tesla Asks Investors to Approve Musk's $56 Billion Pay Again Figures released Thursday showed that so-called grinds — where cocoa is turned into butter and powder used in confectionery - only fell about 2% in Europe and edged lower in Asia during the first quarter from a year earlier. Prices more than doubled in the period as bad African harvests curbed supplies. The market is keeping an eye on processing data to get an idea of whether the unprecedented rally is starting to hurt demand and how hard it's becoming for chocolatiers to get hold of beans. Traders and ana
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