A unit of mass measurement in the metric system. One metric ton is equivalent to 1000 kilograms (metric system), or 2204.62 pounds (imperial system). Metric ton is generally abbreviated to MT.
The metric ton is the standard unit of measurement for the world market price or futures price for cocoa. That is, the trading price for cocoa applies to one metric ton of beans.
For an illustration, see the ICCO reference below, where the organization’s home page lists daily cocoa prices by MT.
This is different to coffee, for example, whose trading price applies to one pound of beans.
On the New York Mercantile Exchange, cocoa contracts are each denominated in ten metric tons of beans.
Authored by
Kristy Leissle, Scholar & Author, Cocoa & Chocolate Industries
Researcher
References
“Cocoa,” Trading Economics, Accessed September 14, 2022
“Coffee,” Trading Economics, Accessed September 14, 2022
“Cocoa Daily Prices,” International Cocoa Organization (ICCO), Accessed September 14, 2022
Have a comment on this definition?