Cocoa Prices Hit All-Time High, Spelling Trouble for Chocolate Lovers

Published on February 5, 2024

Cocoa prices reached an all-time high fueled by mounting global supply challenges and deficit fears, spelling trouble for investors with a sweet tooth. Prices for cocoa surged $53, or 1.02 percent, to a record $5,242 per metric ton during the Feb. 5 trading session on the U.S. ICE Futures exchange. Year-to-date, cocoa has rallied nearly 25 percent and has soared more than 103 percent over the last 12 months. The previous record was in July 1977. Cocoa futures are responding to increasing supply challenges in West Africa. Availability in the region remains “restricted,” and investors are weighing “another production deficit” against year-ahead demand, says Jack Scoville, the vice president of The PRICE Futures Group....

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