Traders See Cocoa Rally Top $15,000 on Lingering Supply Shortage
- New York futures jump more than 160% this year on supply fears
- Prices could peak in the fall when current cocoa season ends
Production declines in Ivory Coast and Ghana have left buyers struggling for supplies and paying high premiums.
Photographer: Eduardo Soteras/AFP/Getty ImagesThis article is for subscribers only.
Cocoa prices have been on a tear this year and the rally may have even more room to run as bean shortages persist.
Futures will continue to trade at increasingly higher levels, according to nine traders and analysts surveyed by Bloomberg at the World Cocoa Conference in Brussels. Three said prices in New York could trade above $15,000 a ton before the end of the year. The others said they couldn’t see where the market would top out given the unprecedented spikes.