Cocoa got so expensive that a tonne of it cost more than a tonne of copper.

Name: Cocoa (charted by MacroSnaps)
Creator: ICE, ICCO, LME (2026)
License: https://creativecommons.org/licenses/by/4.0/

For a while in 2024, the beans for your chocolate bar were pricier by weight than industrial copper.
Cocoa$8,500(May 26)Copper$12,000(May 26)

Cocoa (orange) and copper (slate) prices, dollars per tonne, 2019 to 2026. A West African harvest crisis sent cocoa above $12,000 a tonne in 2024, briefly topping copper for the first time; copper then set its own record in 2025.

Why this is happening

Most of the world's cocoa comes from just two countries, Ivory Coast and Ghana, and disease and bad weather wrecked their harvests at the same time.
Cocoa trees take years to replace, so supply cannot bounce back quickly.
Once the shortage was obvious, traders piled in and drove the price far past anything seen before.

The take

A crop most people never think about can triple in price because two countries had a bad year. The world's small comforts rest on supply chains far more fragile than they look.

Source: ICE, ICCO, LME (2026)

Use this chart

Use this chart anywhere, including commercially, and change it if you need to. The one condition is that you credit MacroSnaps and link back to this page. Licence: Creative Commons Attribution 4.0 International (CC BY 4.0).

Embed it

A picture of the chart, linked back. Works anywhere, including in newsletters and Markdown. The credit line comes with it.

<a href="https://macrosnaps.app/c/cocoa-price">
  <img src="https://macrosnaps.app/charts/cocoa-price.png" alt="Cocoa (orange) and copper (slate) prices, dollars per tonne, 2019 to 2026. A West African harvest crisis sent cocoa above $12,000 a tonne in 2024, briefly topping copper for the first time; copper then set its own record in 2025." width="640" style="max-width:100%;height:auto">
</a>
<p style="font:12px/1.5 system-ui,sans-serif;color:#6b7280;max-width:640px">
  Chart: <a href="https://macrosnaps.app/c/cocoa-price">MacroSnaps</a>,
  <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a>. Source: ICE, ICCO, LME (2026).
</p>

Cite it

Cites MacroSnaps for the chart. For the numbers themselves, cite the source below.

MacroSnaps (2026). "Cocoa got so expensive that a tonne of it cost more than a tonne of copper." Edition No. 26, 6 August 2026. https://macrosnaps.app/c/cocoa-price

Permanent link: https://macrosnaps.app/c/cocoa-price

The underlying data

MacroSnaps drew this chart. The numbers in it are published by ICE, ICCO, LME (2026). Their terms, not ours, govern the underlying data.