Cocoa Powers Toward $10,000 as Shortages Drive Relentless Rally
- Futures have more than doubled already this year in New York
- Market gripped by supply shortages, boosting chocolate costs
Assorted chocolates.
Photographer: Nadirah Zakariya/BloombergThis article is for subscribers only.
Cocoa climbed near an unprecedented $10,000 a ton in New York as a global shortage rattles the market and raises the cost of chocolate.
Futures have more than doubled this year to an all-time high as poor crops in key West African growers put the world on course for a third straight annual supply deficit. The market is grappling with the legacy of poor returns paid to cocoa farmers and fears are mounting about being able to source enough beans.