By Myra P. Saefong
Cocoa's has gained almost 185% in 2024
Cocoa looks to be the biggest gainer among major commodities this year, even outpacing the rise in the U.S. stock market and bitcoin, with prices for chocolate's main ingredient having more than doubled in 2024 to reach a fresh record high this month.
And the rally shows little signs of ending, with cocoa's 2023 to 2024 marketing year having ended with the biggest global supply deficit in 60 years, according to ING.
Cocoa for March delivery (CC00) (CCH25) settled at $11,954 per metric ton on Friday to tally a year-to-date rise of nearly 185%, according to Dow Jones Market Data.
Based on preliminary Friday readings, gains of nearly 128% for bitcoin (BTCUSD) and almost 25% for the S&P 500 SPX this year pale in comparison.