FX.co ★ Ebola making cocoa prices soar

Price on cocoa futures spiked by over $100 or 18% per ton in September to $3,400 due to the Ebola outbreak in West Africa. Moreover, the chocolate price is expected to surge 20% more.
“The price made the move to three-year highs in response to the Ebola crisis, on fears that it could spread into Ivory Coast and Ghana,” said Jack Scoville, a senior market analyst at Price Futures Group. Ivory Coast shares borders with both Liberia and Guinea, where 3,301 people have died from Ebola. Importantly, Ivory Coast accounts for nearly 40% of the global output of chocolate whereas Ghana produces almost 20% of cocoa beans.
Citing Barack Obama, the President hugged and even kissed several nurses who were looking after Ebola infected patients. He stressed that he felt in absolute safety. According to the U.S. President, there is no reason for sheer panic as an average U.S. national is hardly able to catch the deadly virus.
Barack Obama highlighted that the epidemic in Western Africa poses a threat for the whole global community. Therefore, joint efforts are needed to withstand it. More and more people are being infected day by day. So, it is getting more difficult to keep track of Ebola victims’ moves.