LONDON: London cocoa futures on ICE hit a record high on Wednesday, extending the market’s prolonged advance on tightening stocks after poor crops in West Africa.
March London cocoa rose 0.1% to 3,871 pounds per metric ton by 1458 GMT after setting a record high of 3,910 pounds.
Dealers said supplies remain very tight owing to poor crops in West Africa and there is no sign of the current run-up in prices coming to an end.
There are some concerns, however, that price increases for products such as chocolate bars may be starting to crimp demand.
March New York cocoa rose 0.3% to $4,820 a ton.
Cocoa farmgate prices rose to a record high in Cameroon on Wednesday, pushed up by tightening global supply because of production shortfalls in top growers Ivory Coast and Ghana.
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