(ZEROHEDGE) – This month JPM quant Marko Kolanovic made the bold prediction that the world has entered a new commodity supercycle. Across the board, commodity prices have been soaring as inflation pushes higher. But there's one bean that is off everyone's radar that continues to stumble as record surplus and poor demand have kept prices muted.
On Thursday, the International Cocoa Organization (ICCO) released its monthly report that specified a massive surplus in global cocoa was reported for the 2020/21 season that runs through to the end-September. ICCO recorded a surplus of about 100,000 tons for the 2020/21 season, which compares with a surplus of 19,000 tons for the 2019/20 season.
Cocoa's demand slump could be due to less chocolate consumption among consumers as many restaurants, resorts, movie theaters, concerts, and other entertainment forms have had capacity limitations or closed in the last year.
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