Cocoa prices could rise more than 50 per cent from yesterday’s London price of £984 a tonne to reach £1,500 before the end of October, says Fortis, the investment bank.

Fortis said there was no shortage of real cocoa but processors who expected a downward price correction lacked cover and would need to buy even at current high levels. Important manufacturers are likely to decide about forward cover in June when they have indications about the 2007-08 crop.