Why Weather Concerns Just Sent Coffee And Chocolate Prices Soaring
The post Why Weather Concerns Just Sent Coffee And Chocolate Prices Soaring appeared on BitcoinEthereumNews.com. Topline Coffee and chocolate, two of the world’s most widely consumed and traded commodities, soared in value as investors appeared concerned El Niño weather patterns could disrupt harvests across Brazil and West Africa, with analysts warning that coffee has approached “meme-stock territory.” Arabica coffee futures soared toward “meme-stock territory” after their largest one-day move in decades, analysts said. AFP via Getty Images Key Facts Coffee futures jumped as much as 18.5% on Monday, hitting $3.57 per pound in the commodity’s largest intraday gain since 2000, and extending a 48% rally since June 10, before stumbling by more than 7% in early trading Tuesday. Monday’s “historic session” pushed coffee futures into “meme-stock territory,” according to the financial services group StoneX, which said aggressive buying by institutional investors and computer-driven trading fu