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.