Cocoa Hits New Record as North America Grinds Defy Expectation
- First-quarter grinds in North America rose 3.7% from last year
- Futures added to prior session’s surge on Europe, Asia grinds
This article is for subscribers only.
Cocoa futures in New York touched a fresh record as the pace of processing in chocolate factories holds up despite a global supply crunch and record prices.
The most-active contract surged as much as 6.2% to touch an all-time high of $11,722 a metric ton on Friday. Data released Thursday after the market close showed so-called grinds — where cocoa is turned into butter and powder used in confectionery — rose nearly 4% in North America during the first quarter compared to the same period a year ago.