The beleaguered region is the globe's top consumer of cocoa, which is a key ingredient in chocolate. The price of the soft commodity has dropped to its lowest price in nearly three years as a result of slackening consumption and strong production in West Africa this past harvest.
"The cocoa bean market is vulnerable to economic contraction," commodity analyst Keith Flury with Rabobank told the publication, also noting that both Europe and the U.S. saw reduced consumption when the financial crisis first reared in 2008.
At 2 p.m. on Monday, cocoa futures fell 0.99 percent, a $22 reduction to $2,206 per metric ton.
Bloomberg reports renowned chocolate maker Hershey has been able to capitalize on cocoa prices' 41 percent drop in value after the soft commodity touched its top price in 32 years in March. Thus far this year, shares of Hershey have gained 23 percent as the price of cocoa futures fell to its lowest level in 32 months.
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