Nigeria, May 26 -- Global cocoa markets will experience unprecedented rebalancing in 2025, as cocoa prices remain at a record high while the world is in turmoil due to geopolitical and economic tensions.

From mid-May to this point, cocoa futures have been trading as high as $9,764 a metric ton, hardly down from the psychological resistance level of $10,000. This price stability is despite tight supply, poor weather in major producing countries, and tariff disruptions disrupting world trade.

London and New York cocoa contract prices reversed their lows on April 19, showing the industry's belief in the commodity's long-term value. The recovery is being underpinned partly by better-than-forecast grinding figures posted by big cocoa groups,...