The "bulk" or "commercial" cocoa that dominates the sector is traded primarily in international markets: New York (ICE - USD) and (LIFFE - GBP), while "fine" type cocoa is marketed in directly between producers or traders and end users on a negotiated basis. Because of cocoa's unique place in the food value chain and production characteristics, cocoa prices are largely uncorrelated with major cash crops and the spectrum of most other tropical crops.
Cocoa from sustainable producers delivering "fine" cocoa can be marketed at above bulk prices, but the classification is highly subjective in nature, which in turn causes a significant variation in premiums. Premiums are not formally recorded and may vary depending on demand, specific geographies within producer areas, and other factors. Premiums in the Latin American markets for sustainable, high-quality "fine" cocoa have reached $ 1,500 / MT, however, buyers of "fine" cocoa tend to be drawn from a narrow spectrum of smaller specialty manufacturers. Qualitative factors for fine cocoa are also a key factor behind pricing, resulting from the high degree of variability in taste resulting from the underlying morphology of plants, growth conditions and the quality of the fermentation and drying.