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Cocoa extended its surge — surpassing $9,000 a ton for the first time ever — as a supply crunch grips the market and chocolate makers grapple for beans.
The rally has sent prices toward $10,000 — a level that seemed unthinkable only a few months ago — and even made cocoa more expensive than bellwether industrial metal copper. Futures rose as much as 2.8% to $9,188 in New York. Prices have kept climbing despite a technical gauge being in overbought territory for much of the last couple of months. Cocoa in London also climbed.
While prices have soared, speculators have actually been pulling out of the market. Open interest — the number of outstanding contracts — has dropped from a peak in late January, and money managers cut their net-bullish wagers to a one-year low in the latest week. That suggests that physical buyers may have played a key role in the price rally.
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