Cocoa prices hit $10,000 per ton for first time ever | Private Equity Weekly

Cocoa production hit a record high on Tuesday as supply constraints fueled higher prices.

Futures for delivery in May It rose 3.9% to $10,030 a ton, marking the first time the commodity has surpassed the $10,000 mark. Cocoa has had a strong year, soaring nearly 39%.

Côte d’Ivoire, the world’s largest coca producer, is facing warmer than normal temperatures, leading to drier than normal conditions and reduced crop yields. An outbreak of cocoa swollen bud virus has also reduced supplies.

The move comes as demand for chocolate remains strong in countries such as the United States.