Cocoa Breaks $10,000 Record, With Pricier Chocolate to Follow
- Futures have more than doubled this year in New York, London
- Market gripped by supply shortages, boosting chocolate costs
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Cocoa futures surged above an unprecedented $10,000 a metric ton on Tuesday before erasing gains and taking a breather from a historic rally that has seen prices of the key chocolate ingredient double this year.
The market is being rattled by poor crops in key West African growers that has put the world on course for a third straight annual supply deficit. The industry is grappling with the legacy of poor returns paid to cocoa farmers and fears are mounting about being able to source enough beans.