Cocoa Extends Gains as Supply Shortage Keeps Price Near Record
- Prices surged this year on the back of poor African harvests
- Chocolatier Barry Callebaut signals it’s weathering the crisis
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Cocoa gained in New York, with prices heading back toward a record high amid lingering fears about global shortages.
Futures climbed as much as 4% to head for a fourth straight increase. Prices have surged this year — recently exceeding $10,000 a ton — as poor West African harvests put the world on course for another annual deficit, threatening to further raise chocolate prices.