Prices for the crop soared earlier this year as weak harvests in West Africa — the major production hub — plunged the world into a third straight supply deficit. After cooling, the rally recently regained momentum as adverse weather further threatens the region’s farms, limiting the chance to rebuild already low global stockpiles.

Traders have also faced mounting costs to maintain positions, which forced a wave of bets to be closed out. Aggregate open interest fell to a decade low in November, and the thinning liquidity could continue to exacerbate market volatility ahead.

The most-active contract rose as much as 4.1% on Monday to $11,768 a ton. Futures have more than doubled in 2024, forcing candy makers like Hershey Co. to boost prices.

Cocoa’s supply challenges have been compounded by longstanding industry problems, including crop disease and a legacy of low farmer pay. Newly-planted trees also take a few years to bear pods, delaying a meaningful production rebound.