Cocoa Hits Record on Tight Supply, Threatening Pricier Treats
- New York futures surge as growers face crop diseases, dryness
- Tight supply seen lasting for years, further pressuring prices
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Cocoa futures extended their surge to a record in New York as a shortfall gripped the market, threatening to make chocolate and other confectionery costlier.
Prices have doubled during the past year as growers in West Africa — who produce the bulk of global supply — are battered by extreme weather. Earlier rains promoted the spread of crop disease and delayed harvesting. That has been followed by a seasonal dry spell, which could further crimp production.