US Cocoa Futures Drop 3.1% to $4,940.5 as Supplies Rebound and Demand Weakens
Updated
Updated · tradingkey.com · Jun 29
US Cocoa Futures Drop 3.1% to $4,940.5 as Supplies Rebound and Demand Weakens
1 articles · Updated · tradingkey.com · Jun 29
Summary
$4,940.5 cocoa futures fell 3.10% on June 29 as traders unwound long positions after a rally to multi-month highs.
West African supply data drove the reversal: Nigeria's May cocoa exports jumped 28% year on year, while Ivory Coast port arrivals reached 1.95 million metric tons, up 18.9% from last season.
ICE-certified inventories added to the pressure, climbing to 2,948,286 bags — a 1.75-year high that signaled easing near-term physical tightness.
Demand has also softened as high chocolate prices curb processing: first-quarter grindings fell 3.8% in North America and 7.8% in Europe, where volumes hit a 17-year Q1 low.
Easing shipping and geopolitical risks further stripped out scarcity premiums, reinforcing the view that cocoa's earlier supply-demand squeeze is fading.