Cocoa’s rally has soared past all major commodities in 2024, and there’s little sign the tight supply and fragile trading landscape that prompted its near-vertical trajectory are in for a fast fix.
Prices have almost tripled as faltering production in West Africa — the world’s biggest growing region — spurred massive supply shortages. Many traders, burned by soaring costs to maintain positions, fled the market as the rally gained steam, and chocolate makers sat out hedging new inventory in a bid for lower prices.