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Barchart
Barchart
Rich Asplund

THE TRUTH ABOUT: Cocoa prices push higher as the global cocoa surplus shrinks - The Untold Story

March ICE NY cocoa (CCH26) on Monday closed up +5 (+0.09%), and March ICE London cocoa #7 (CAH26) closed up +63 (+1.55%).

Cocoa prices extended last Friday's rally on Monday, with NY cocoa posting a 3.5-week high and London cocoa posting a 3-week high.  The outlook for a smaller-than-expected global cocoa surplus has underpinned prices over the past two weeks.  On November 28, the International Cocoa Organization (ICCO) cut its global 2024/25 cocoa surplus estimate to 49,000 MT from a previous estimate of 142,000 MT, and lowered its global 2024/25 cocoa production estimate to 4.69 MMT from a prior estimate of 4.84 MMT.  

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