Cocoa’s OPEC Turns New York Market Into Trader Battleground
- Top cocoa growers and traders in standoff over hefty premium
- New York’s cheaper cocoa beans become more attractive
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A price dispute between the world’s top cocoa producers and some of the biggest traders is roiling the New York market.
Traders are resorting to cheaper beans that back contracts on the ICE Futures U.S. exchange instead of buying directly from Ivory Coast and Ghana after the top producers teamed up to charge more for their cocoa, a move some traders compared to the OPEC oil cartel. That’s driven December futures to a record premium over the next contract.