On Friday, September ICE NY cocoa (CCU26) closed up 75 points (+1.41%), while September ICE London cocoa #7 (CAU26) increased by 49 points (+1.23%). This rebound followed a sell-off earlier in the month, and was supported by a weaker dollar.
In related news, President Trump announced broad Section 301 tariffs of 10% to 12.5% on 60 nations late Thursday, primarily targeting forced labor. However, these tariffs do not impact U.S. cocoa imports, as food products are exempt. Meanwhile, cocoa farmers in the Ivory Coast reported a 21% increase in shipments to 2.10 million metric tons for the current marketing year. Nigerian cocoa exports rose by 30% year-on-year to 18,922 metric tons in June.
Current cocoa inventories have reached a two-year high of 3,319,249 bags. Future crop projections are mixed, with early assessments estimating a harvest of 1.8 million metric tons for the 2026/27 season, a decline of 18% from the previous year, influenced by potentially adverse weather conditions linked to El Niño.
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