Cocoa Hits New Record in Blow to Chocolate Makers and Consumers

Cocoa futures reached a fresh record in New York as the market grapples with renewed supply concerns, increasing the chances that the high costs already plaguing chocolatiers and consumers will worsen.

Futures rose as much as 5.5% to $11,925 a ton on Monday, topping the prior record of $11,722 in April. Prices have almost tripled this year, forcing candy makers like Hershey Co. to boost prices.

Prices soared earlier this year as weak harvests in West Africa — the top producing region — plunged the world into a third straight supply deficit. After cooling, the rally recently regained momentum ...