May ICE NY cocoa (CCK25) today is up +250 (+3.19%), and May ICE London cocoa #7 (CAK25) is up +149 (+2.44%).
Cocoa prices today are climbing on some technical short covering after the recent price slide left some price indicators oversold. Cocoa prices have been on the defensive over the past month, with NY cocoa falling to a 4-month low last Friday and London cocoa posting a 4-month low Monday on an improving supply outlook. On February 28, the International Cocoa Organization (ICCO) forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in 4 years. ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT.
