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As of today, December ICE NY cocoa (CCZ25) has risen by 2.81%, closing up +219. In contrast, the September ICE London cocoa #7 (CAU25) did not trade due to UK bank holiday closures.
The increase in cocoa prices is driven by concerns over cold and dry weather impacting cocoa production in West Africa, particularly in the Ivory Coast, alongside rising black pod disease in Ghana and Nigeria. Current ICE-monitored cocoa inventories in US ports have fallen to a 2.75-month low of 2,189,496 bags.
Key data shows that from October 1 to August 24, Ivory Coast farmers exported 1.79 million metric tons (MMT) of cocoa, reflecting a 5.9% increase compared to last year, though it represents a slowdown from a previous 35% rise. Additionally, Nigeria’s cocoa production is projected to decline by 11% year-on-year to 305,000 MT for 2025/26.
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