Nevertheless, short-term supply from Ghana and the Ivory Coast, the largest producers of cocoa, have been higher-than-expected this year.

“The Ivory Coast has seen abundant rainfall in recent weeks, increasing expectations of a strong mid-crop, the smaller of the two crops harvested annually,” Corrina Savage, commodities analyst at research firm Mintec, said in the FT article.

iPath DJ-UBS Cocoa TR Sub-Index ETN

For more information on cocoa, visit our cocoa category.

Max Chen contributed to this article.