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Cocoa prices could be close to a melting point

The price of cocoa was the star performer this week in commodity markets, rising by 16% on the week. The price has risen by 40% since the start of this year, on the back of consistently poor harvests in Côte d’Ivoire and Ghana. Meanwhile, conflict in the Red Sea has raised global freight rates, adding to the cost of cocoa when it arrives at its destination.

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