COLUMN: Now that the English summer is arriving, we’re faced with pricier ice cream. Call it a first-world problem, but without a doubt, someone is pulling the strings in the global commodity market just to annoy me.
Sure, ice cream isn’t a commodity. But coconut oil, a key ingredient of industrial-made gelatos, is. And its price has gone parabolic in the wholesale market.
The causes behind the rally are a window into the interconnected world of commodities, where seemingly unrelated factors collide. This explosive cocktail has it all: bad weather, biofuel policy, how Big Food fights to keep its profit margins and influencer-dominated beauty trends.
Bloomberg Opinion