Cocoa futures surged on renewed supply fears as concerns over crops in West Africa persist, resuming a rally that has made the chocolate ingredient one of the hottest commodities of the year.

The most-active cocoa contract in New York climbed as much as 14%, the biggest intraday jump since May. Futures partly offset losses from last week, when market players were seen taking profits on the back of the record high prices. London cocoa gained as much as 14%.

In the world’s top producer Ivory Coast, farmers reported that cocoa trees are beginning to suffer the effects of the dry and dusty Harmattan winds, with leaves turning yellow and the cherelles, or young pods, withering. Cocoa bean supplies at exchange certified stockpiles continued to dwindle.

In other agricultural markets, soybeans climbed as much as 1.5% before erasing gains.

Gold is heading for one of its biggest annual gains this century, with a 27% advance that’s been fueled by U.S. monetary easing, sustained geopolitical risks, and a wave of purchases by central banks.

While bullion has ticked lower since Donald Trump’s sweeping victory in November’s US presidential election, its gains over 2024 still outstrip most other commodities. Base metals have had a mixed year, while iron ore has tumbled, and lithium’s woes have deepened.

The varied performances over 2024 highlight the absence of a single, over-riding driver that’s steered the complex’s fortunes, while also putting the spotlight on how metals, both base and precious, may fare next year. For 2025, investors are focused on uncertainty around US monetary policy, potential frictions from Trump’s presidency, and China’s efforts to revive growth.

— Compiled by Bloomberg