Downy mildew devastates Australian vineyards, causing a 60-year production low, while cocoa faces record prices.
Wine enthusiasts and chocolate lovers brace yourselves as 2024 is poised to witness a significant surge in prices.
Wine production is expected to hit a 60-year low due to Downy mildew wreaking havoc on Australian grapevines, a phenomenon occurring every 9-10 years.
Investors eye potential gains for Aussie-listed company Treasury Wine Estates, while hopes linger on the removal of China’s hefty 169% tariff on Australian wine.
Meanwhile, chocolate aficionados are set to feel the pinch as cocoa prices soar to record highs, reaching levels unseen since the 1960s.
Cocoa futures skyrocketed by 130% in just a year, hovering near $5,900 per metric ton.
Economic uncertainties loom as global consumers grapple with the impact on their favourite indulgences.
