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Cocoa prices fell 2.7% on 24 November, hitting their lowest level since February 2024, as global supply expectations improved.
New York cocoa futures dropped to $5,053 a tonne — about 60% below last December’s record — after three consecutive weeks of strong bean deliveries to ports in Côte d’Ivoire, the world’s top producer, Bloomberg reported. Shipments topping 100,000 tonnes weekly suggest a firmer supply outlook amid forecasts of a larger global surplus driven by higher output and softer demand.
Still, analysts caution the overall harvest may remain weak. “Our surveys show the crop isn’t much better than last year, and the main harvest could even be slightly worse due to earlier dry weather,” said Andrew Moriarty, senior cocoa analyst at Expana.
