FX.co ★ Cocoa Futures Hold Near 2-Week Highs

Cocoa futures have been trading close to $5,400 per tonne, just shy of the recent high of $5,456 reached on December 1st, influenced by a declining supply forecast. On November 28, the International Cocoa Organization (ICCO) revised its global cocoa surplus estimate for the 2024/25 season downward from 142,000 metric tonnes to 49,000 metric tonnes. Additionally, it reduced its cocoa production forecast for the same period from 4.84 million metric tonnes to 4.69 million metric tonnes. Concurrently, recent data from the government indicated that Ivory Coast, the leading cocoa producer, dispatched 718,451 metric tonnes of cocoa to ports during the current marketing year, spanning from October 1 to November 30—a 2.1% decrease from the 734,026 metric tonnes recorded in the same timeframe last year. Despite these figures, the market remains buoyant due to optimistic projections for the 2025/26 harvest in the West African region and limited consumption of cocoa derivatives.