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On Monday, March ICE NY cocoa (CCH26) rose by 31 points (+0.60%) while December ICE London cocoa #7 (CAZ25) fell by 78 points (-2.06%). This mixed outcome follows a recovery from 1.75-year lows, driven by short covering and a reported 3.7% decrease in cocoa shipments from Ivory Coast, the world’s largest cocoa producer, totaling 618,899 MT this marketing year (from October 1 to November 23).
Despite the rise in NY cocoa prices, the market faces pressure from weak global demand and regulatory changes in the European Union regarding deforestation that eased supply concerns. Reports indicate a 7% higher cocoa pod count in West Africa compared to the five-year average, while cocoa inventories in US ports dropped to an 8.25-month low of 1,723,707 bags. The International Cocoa Organization also projected a significant global cocoa deficit of 494,000 MT for the 2023/24 period.
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