Cocoa Prices Surge, Eyes on Upcoming Harvest

Cocoa prices surged earlier this year due to a significant drop in supply from West Africa, where the Ivory Coast and Ghana produce 60% of the world's cocoa. Extreme weather and crop disease caused the price to hit a record high of $12,275 per ton in April.

While it’s now around $7,830 per ton, cocoa is still up 90% this year. The harvest season from October to March will be crucial. If the harvest is poor, prices could spike again.

However, some analysts expect production to rebound, which might push prices down. Traders are closely watching.

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