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How much we gonna pay for a chocolate

Driven by a global cocoa shortage, cocoa futures prices skyrocketed to nearly $10,000 per metric ton in March. This shortage is mainly due to devastating droughts in West Africa, the world's leading cocoa producer. However, in early April, we saw a slight correction with prices falling below $9,800, likely due to some profit-taking by investors.
Despite the dip, concerns about dwindling cocoa supplies persist. The main crops in Ivory Coast and Ghana, the top producers, are expected to be poor, further tightening the market. This means the potential for renewed price hikes remains high.
Chocolate manufacturers are already feeling the pinch of these high prices, and some have warned of potential price increases for consumers. The full impact on chocolate bar prices at the store is yet to be seen.
Tip. The technical picture for cocoa is uncertain in the short term. Our algorithms gave us Buy signal when the price left side movement territory. The price has made all our forecasted goals and we can't foresee anything higher. However, be cautious of potential volatility and consider waiting for confirmation of a renewed uptrend before entering any trades.
Important Note: This analysis is based on readily available technical indicators and should not be considered financial advice. Always conduct your own research before making any investment decisions.
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