May ICE NY cocoa (CCK26) on Thursday closed up +11 (+0.36%), and March ICE London cocoa #7 (CAH26) closed down -25 (-1.16%).
Cocoa prices settled mixed on Thursday as they consolidated recent losses. On Tuesday, May NY cocoa posted a contract low, and Mar London cocoa posted a new 2.75-year nearest futures low. Cocoa prices are in the midst of a seven-week-long downtrend, with nearest-futures (H26) NY cocoa posting a 2.75-year nearest-futures low last Friday amid robust global supplies and slack demand. On January 29, StoneX forecasted a global cocoa surplus of 287,000 MT in the 2025/26 season and a 267,000 MT surplus for 2026/27. Also, the International Cocoa Organization (ICCO) reported on January 23 that global cocoa stocks rose +4.2% y/y to 1.1 MMT.
