RIP to all the chocolate Santas we're about to devour. You have no idea what's coming.
According to Bloomberg, your Christmas stocking may be heavier than normal this December as cocoa prices hit a three-year low. Thanks to heavy rains in West Africa (the world's biggest cocoa producer), cocoa crops are thriving and putting out a lot more supply than demand right now.
So why the low demand? People are eating healthier options. (Shocking, we know.)
"Less demand and more supply is a double punch for cocoa,” Lara Magnusen, a La Jolla, California-based portfolio manager for Altegris Advisors LLC, tells Bloomberg. “Prices will likely stay depressed for fundamental reasons.”
We're all about prices staying depressed, because cheap chocolate makes us very, very happy.