On December 1, 2023, ICE NY cocoa (CCZ24) closed down -78 points (-1.09%), while ICE London cocoa #7 (CAZ24) closed up +7 points (+0.13%). Cocoa prices fluctuated due to a stronger dollar, leading to long liquidation in futures, despite signs of tighter supplies as U.S. cocoa inventories hit a 15-year low of 2,391,414 bags.
Significant developments affecting cocoa prices include Nigeria’s cocoa exports rising by +31% year-on-year to 17,456 MT, while Ivory Coast’s exports dropped by -28% year-on-year to 1.70 MMT. Ghana’s cocoa production estimate for 2024/25 was revised down to 650,000 MT due to adverse weather and diseases, amidst Cameroon’s production increase of +1.2% to 266,725 MT for the same period.
Additionally, the International Cocoa Organization reported an increased global cocoa deficit of -462,000 MT, with a production estimate of 4.330 million MT and a historically low stocks/grindings ratio of 27.4% for 2023/24.
