Cocoa Prices Surge on Supply Tightening

Cocoa prices fluctuated on Monday, with New York cocoa futures rising due to anticipation of increased investment from the Bloomberg Commodity Index and low US port stocks. However, London cocoa futures fell slightly. Despite Ivory Coast maintaining steady cocoa exports, demand remains weak, with Asian and European grindings at decade lows. Hersheys CEO reported disappointing Halloween sales. On the supply side, the International Cocoa Organization reduced its global surplus forecast and production estimates, while Nigeria expects a production drop next year. Despite bearish weather and EU deforestation rule delays, tightening global supply keeps prices supported.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.