Cocoa Caps 2024 as Biggest Commodity Winner. It’s Not Over Yet

Cocoa’s rally has soared past all major commodities in 2024, and there’s little sign the tight supply and fragile trading landscape that prompted its near-vertical trajectory are in for a fast fix.

Prices have almost tripled as faltering production in West Africa — the world’s biggest growing region — spurred massive supply shortages. Many traders, burned by soaring costs to maintain positions, fled the market as the rally gained steam, and chocolate makers sat out hedging new inventory in a bid for lower prices.