China’s buying of raw materials may be slowing, but an appetite for healthier living among the country’s fast-growing middle class has stoked demand for nuts, sending prices of cashews and other snacks to record levels.
“Chinese nut consumption is growing so fast, prices have rocketed during the last 12 months,” says Giles Hacking, managing director of London based nut trader CG Hacking and chairman of the International Nut and Dried Fruit Foundation.
Cashews, walnuts and pecans, for example, are at record highs, with cashew kernels trading at $4.55 a pound, up more than 60 per cent from a year ago. Walnuts in their shells have risen 43 per cent and pecan kernels are up 38 per cent.
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