Cocoa Soars Above $12,000 to Reach Fresh Record on Supply Fears
- New York futures set record with dry weather hitting crops
- Market sees smaller Ivory Coast crop than government estimates
Cocoa beans for roasting at a chocolate producer in Paris.
Photographer: Cyril Marcilhacy/BloombergThis article is for subscribers only.
Cocoa futures climbed above $12,000 a ton in New York, reaching a fresh record amid mounting worries over reduced output in top grower Ivory Coast.
The most-active contract rose as much as 7.4% to $12,636 a ton, as fears over Ivory Coast’s production this season have re-emerged with dry weather posing the latest threat to trees. The surge in prices — New York futures have tripled this year — has also pushed companies out of the market, with lower activity further exacerbating price moves.