Cocoa reached hit a record Tuesday as supply constraints fuel prices higher.
Futures for May delivery were up 3.9% at $10,030 per metric ton, marking the first time the commodity breaks above the $10,000 mark. Cocoa has been on a tear this year, soaring nearly 39%.
Huge gains for cocoa in 2024
Ivory Coast, the biggest coca producer in the world, is facing hotter-than-normal temperatures — which have led to dryer-than-usual conditions and crop yields. An outbreak of cacao swollen shoot virus has helped dent supply as well.
The move comes as chocolate demand in countries such as the U.S. remains strong.
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