Cocoa futures was up toward $11,000 per tonne, edging closer to a fresh record peak of $12,800. Dealers said the market remained underpinned by supply worries and stronger-than-expected first quarter grind data for Europe, North America and Asia. Cocoa prices have rallied sharply since the beginning of the year, jumping over 150%, driven by the worst supply shortage in 40 years in West Africa. Latest data showed that top producer Ivory Coast shipped 1.33 MMT of cocoa to ports from October 1 to April 21, down by 30% from a year ago. Meanwhile, Ecuador's annual cocoa production is on course to hit 500,000 metric tonnes in the next two years, potentially overtaking Ghana as the world's second-largest grower, according to the head of Ecuador's cocoa exporters association.
Cocoa increased 6,682.33 USD/MT or 159.25% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Cocoa reached an all time high of 12261 in April of 2024. Cocoa - data, forecasts, historical chart - was last updated on April 26 of 2024.
Cocoa increased 6,682.33 USD/MT or 159.25% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Cocoa is expected to trade at 11332.01 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 12329.14 in 12 months time.