Workers collect dry cocoa beans in front of a cocoa cooperative shop in the village of Hermancono on November 14, 2023.
Sia Campo | AFP | Getty Images
Cocoa hit a record high on Tuesday as supply constraints sent prices soaring.
Futures contracts for delivery in May It rose 3.9% at $10,030 per metric ton, marking the first time the commodity has surpassed the $10,000 level. Cocoa prices witnessed a decline this year, rising by approximately 138%.
Huge gains for cocoa in 2024
Ivory Coast, the world's largest coca producer, is facing higher than normal temperatures – resulting in drier than normal conditions and crop yields. The outbreak of cocoa bud bloat virus has also helped reduce supply.
This move comes as demand for chocolate continues to be strong in countries such as the United States.
Correction: Cocoa prices have risen more than 100% this year. An earlier version missed this step.
