London’s cocoa market blighted by ‘poisoned pill’

A frantic hunt by chocolate manufacturers for high-grade cocoa has left a backlog of old, poor-quality beans lying in London’s warehouses, leading to a rare divergence in prices between the UK and the US. Last month cocoa futures traded in New York rose strongly, peaking above $10,000 last week, while London prices fell, dipping below $6,400 earlier this month.

These new rules oblige traders and chocolate companies to prove that the cocoa they import into the EU was not grown on deforested land. Some industry traders and executives had hoped the incoming rules would allow the lower-grade material to be written off as unusable. But the EU allowed older, existing stocks to be “grandfathered” into the bloc — meaning they could still be bought and sold.

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