Futures of the commodity have risen approximately 50% just this month and have more than doubled only this year.

Cocoa extended its rally, surpassing $9,000 per metric ton for the first time in history, as a supply crisis hits the market and chocolate manufacturers struggle to secure beans.

Futures have risen approximately 50% just this month and have more than doubled already this year. Poor harvests due to adverse weather and crop diseases in cocoa-producing countries in West Africa, where most of the world’s cocoa is sourced, and few signs of relief in production elsewhere have left the industry in a tight spot.

The surge has pushed prices towards $10,000 (a level that seemed unthinkable just a few months ago), and even above copper, the primary industrial metal.

The cocoa rally will result in higher chocolate costs throughout the year. Easter eggs are already becoming more expensive due to last year’s price increases, and some manufacturers are reducing bar sizes or promoting varieties with other ingredients to soften the blow.

Futures rose by as much as 2.8% to $9,188 in New York. Prices have continued to climb despite a technical indicator being in overbought territory for much of the past few months. Cocoa in London also rose.

Chocolate could be even more expensive at Easter 2025 if cocoa tree diseases and adverse weather conditions prolong the deficit amid high sugar prices.

While prices have surged, speculators have actually been withdrawing from the market. Open interest (the number of outstanding contracts) has fallen since a peak in late January, and money managers reduced their net bullish bets to a one-year low in the last week.