The price of cocoa has surpassed more than $9,000 a ton for the first time ever, making it more expensive than copper

The price of cocoa has surpassed more than $9,000 a ton for the first time ever, making it more expensive than copper, per Bloomberg.


Cocoa prices continued to soar, surpassing US$9,000 per ton for the first time ever, driven by a supply shortage and increasing demand from chocolate makers.

The surge in New York futures, rising for the fourth consecutive day, was fueled by reports of funding challenges in Ghana, the world's second-largest cocoa producer. Ghana faces a crisis in its cocoa crop, leading to a loss of access to a crucial funding facility. The country's industry regulator, the Ghana Cocoa Board (Cocobod), relies on foreign financing to pay cocoa farmers.

The price of cocoa has increased by about 60% this month and has more than doubled since the beginning of the year. Poor harvests due to adverse weather conditions and crop disease in West African countries, the primary cocoa-growing region, coupled with no relief in production elsewhere, have tightened the market.

The rally has pushed prices towards US$10,000 per ton, a level that seemed improbable just a few months ago, and has even made cocoa more expensive than industrial metal copper.

The increase in cocoa prices is expected to result in higher chocolate costs throughout the year. Easter eggs are already becoming more expensive due to last year's price surge, and some manufacturers are adjusting bar sizes or promoting varieties with alternative ingredients to mitigate the impact.

In New York, futures rose by 7.9% to settle at US$9,649 per metric ton, while cocoa prices in London also saw an increase.

Bloomberg Intelligence analyst Diana Gomes noted, "Chocolate may be even more expensive in Easter 2025, if cocoa-tree diseases and inclement weather prolong the deficit amid high sugar prices."

Despite the soaring prices, speculators have been exiting the market. Open interest has declined from a peak in late January, and money managers reduced their net-bullish wagers to a one-year low in the latest week. This suggests that physical buyers have played a significant role in driving the price rally.

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