As of today, cocoa prices are slightly down, with May ICE NY cocoa (CCK26) at $2.63 (-0.06%) and May ICE London cocoa #7 (CAK26) at $2.38 (-0.29%). This decline comes after New York cocoa hit a one-month low earlier this week and London cocoa reached a two-week low due to increased supplies and weaker chocolate demand.
Farmers in the Ivory Coast have shipped 1.45 million metric tons (MMT) of cocoa this marketing year, a 0.7% increase from 1.44 MMT the previous year. Additionally, ICE cocoa inventories have risen to a 19-month high of 2,475,798 bags. The impending Easter holiday is projected to see a 5% decline in chocolate sales, which, combined with higher exports from Nigeria and a global cocoa surplus estimate for the upcoming seasons, continues to pressure cocoa prices.
