Cocoa reaches historic record in New York, US with prices above US$ 12 thousand per ton

Published Dec 18, 2024

Tridge summary

Cocoa futures in New York reached a record high of over $12,000 per ton, driven by concerns about global supply, particularly a drop in production in Ivory Coast, the world's largest producer. The most active contract rose 3.4% to $12,163 per ton, continuing a trend of increasing prices throughout the year that have nearly tripled since 2024. The shortage in West Africa, the largest in the sector's history, has led major players to use stocks, which are already at critical levels. Experts forecast that cocoa prices are likely to remain high in the short and medium term due to limited supply and strong demand.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Cocoa futures in New York surpassed the US$ 12,000 per ton mark on Tuesday (18), setting a new all-time high. The appreciation reflects worsening concerns about global supply, especially due to the drop in production in Ivory Coast, the world's largest producer of the commodity. The most active contract rose 3.4%, closing the session at US$ 12,163 per ton. This movement reinforces the upward trend recorded throughout the year, with prices practically tripling in 2024. In London, prices followed suit, rising more than 3%. The cocoa shortage in West Africa, which resulted in the largest deficit in the history of the sector, has put pressure on the global market. Major players have been forced to resort to stocks, which are already at critical levels. According to analysts, production in Ivory Coast, responsible for more than a third of global production, is expected to reach around 1.9 million tons in the 2024-25 season. The number represents a significant drop of almost 10% ...

Source: Mercado Do Cacau