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On March 9, 2024, cocoa prices rallied sharply, with March ICE NY cocoa (CCH26) closing up +411 (+8.07%) and December ICE London cocoa #7 (CAZ25) increasing by +164 (+4.34%) after the International Cocoa Organization (ICCO) revised its global 2024/25 cocoa surplus estimate down to 49,000 MT from 142,000 MT and reduced its production estimate to 4.69 MMT from 4.84 MMT.
ICE cocoa inventories in U.S. ports fell to an 8.5-month low of 1,709,185 bags. In the Ivory Coast, cocoa shipments from October 1 to November 23 decreased by 3.7% year-on-year to 618,899 MT. This decline supports cocoa prices amid weak global demand, with notable decreases in Q3 cocoa grindings reported in Asia (-17% y/y) and Europe (-4.8% y/y).
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