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As of today, December ICE NY cocoa (CCZ25) has risen by 73 points (+1.06%), while December ICE London cocoa #7 (CAZ25) has increased by 28 points (+0.58%). This price increase comes amid a noticeable slowdown in cocoa exports from the Ivory Coast, with shipments recorded at 1.82 million metric tons (MMT) for the current marketing year (October 1 – September 28), a modest increase of 3.4% from last year, but a significant drop from the earlier 35% growth noted in December.
Cocoa inventories monitored by ICE have reached a five-month low of 1,986,491 bags, contributing to the price surge. Additionally, quality concerns regarding the mid-crop cocoa, coupled with projections of reduced production in Nigeria (expected to drop by 11% year-over-year to 305,000 MT) and Ghana (projected to increase by 8.3% to 650,000 MT), are impacting market sentiments. The International Cocoa Organization (ICCO) has also revised the global cocoa deficit for 2023/24 to 494,000 MT, indicating serious supply constraints.
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