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The countercyclical asset, a continuing series
Cocoa futures hit a 23-year high, capping a successful year for the commodity. Chocolate has done rather well this year, and not simply because the world has been fretting about recession and craving comfort food. Constrained supply coupled with robust demand has helped London cocoa futures rise by some 71.0% since the end of last year, making cocoa one of the market's best performing commodities. On Wednesday, the day before millions of people around the world offered boxes of the sweet stuff to their relatives as Christmas gifts, cocoa futures for May 2009 delivery hit a 23-year high of £1,820.0($2,545.90) per ton in London(...)
Here is the story and I thank John de Palma for the pointer. Here are previous installments in the series.
Posted by Tyler Cowen on December 27, 2008 at 08:05 AM in Food and Drink | Permalink
Comments
Bank of America and Mr. Higgins missing $millions, it can happen to you my, fellows Americans
More info at: http://maxhiggins.com/blog/
Posted by: Sr Max Higgins at Dec 27, 2008 3:41:07 PM
Weren't cocoa futures parodied in Adam Smith's The Money Game?
Posted by: Andrew at Dec 27, 2008 11:05:19 PM
X-mas is over. If you haven't sold your cocoa futures already, your screwed.
Posted by: Phillip Huggan at Dec 29, 2008 2:52:34 AM
Haven't cocoa futures been testing highs for a couple years now, though? It seems more honest to say that in this market, cocoa futures have been acyclical rather than counter-cyclical. Cocoa prices were high when times were "good".
Posted by: Jeb at Feb 5, 2009 4:10:11 PM
Posted by: 家教 at Aug 17, 2009 12:27:23 AM
