Cocoa futures in New York touched a fresh record as the pace of processing in chocolate factories holds up despite a global supply crunch and record prices.

The most-active contract surged as much as 5% to touch an all-time high of $11,578 a metric ton in early trading Friday.

Data released Thursday after market close showed so-called grinds – where cocoa is turned into butter and powder used in confectionery – rose nearly 4% in North America during the first quarter compared to the same period a year ago.

Processing in Europe fell only about 2% and inched lower in Asia. The data comes even as futures prices have more than doubled since the start of 2024.