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The price of cocoa exceeded $10,000 per tonne on Tuesday in New York, before falling slightly, pushing its historic record even further, still galvanized by growing fears of supply shortages. The most traded cocoa contract in New York for delivery in May traded around 3:20 p.m. GMT (4:20 p.m. in Paris) at $9,931, after having already crossed the $10,000 per ton mark at the start of the European session.
“A ton of cocoa now costs more than a ton of copper,” underlines Kathleen Brooks, analyst at XBT. “We expect the prices of sweet treats to increase in response to this massive price increase,” she also notes. Cocoa prices began to rise in 2023, driven by fears of a supply deficit, but accelerated their dizzying surge in January 2024.
The most traded contract in New York has already seen its price more than double, soaring 135% this year. The continued strong demand combined with the significant reduction in supply from West Africa, the main cocoa producing region in the world, has propelled prices to their historic highs from 2023. Since then, prices have continued to break records after records.
