• Cocoa extended its surge — gaining more than $700 per ton in a single day and surpassing $9,000 for the first time ever — as a supply crunch grips the market and chocolate makers grapple for beans.
  • Futures in New York climbed for a fourth straight day, adding to gains after news about funding challenges in Ghana, the world’s second-largest grower.
  • Prices are up about 60% this month alone and have more than doubled already this year. Poor harvests on the back of bad weather and crop disease in West African growers, where most of the world’s cocoa is grown, and little sign of production relief elsewhere have left the industry in a bind.
  • 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.