Cocoa Powers Toward $10,000 as Shortages Drive Relentless Rally

Cocoa climbed near an unprecedented $10,000 a ton in New York as a global shortage rattles the market and raises the cost of chocolate.

Futures have more than doubled this year to an all-time high as poor crops in key West African growers put the world on course for a third straight annual supply deficit. The market is grappling with the legacy of poor returns paid to cocoa farmers and fears are mounting about being able to source enough beans.

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