Cocoa prices going higher

Another commodity that I started over the weekend.

Cocoa is at it highest price in 40+ years, and it looks like the producing countries had/will have a bad harvest due to the weird climate of 2023 (extra hot temperature, el nino/nina). Today the price increased +3% (in London).

Do you think it will kee going up? What do you reckon is a good price targe?

Personally, I think it keep going up (looking at the price momentum), the the upward will slow down. It might even touch 4.5k/5k depending on how much brands can pass the cost to consumers.

Took 4 days to almost touch 4.5k. I reckon it will keep going up as producers are reporting lower yields for this year crop. Ghana reported a few day ago a 35% lower yield for this year.