Cocoa futures hold near $5,900 as supply signs weigh
Cocoa futures traded around $5,900 per tonne, slightly lower than recent one-month highs near $6,100, as exporter shipment data points to abundant global supplies.
Cocoa futures traded around $5,900 per tonne, down slightly from recent one-month highs of nearly $6,100, pressured by signs of abundant global supplies.
Cumulative data from top exporter Ivory Coast showed that farmers shipped 1.999 MMT of cocoa to ports by August 23 since the start of the season on October 1, up 20.2% from the same period a year ago.
Also, Nigeria, the world’s fifth-largest cocoa producer, saw July cocoa bean exports rise 18% year on year to 16,052 metric tons, Stronger supply this season has eased concerns for now, but rising weather risks across West Africa are fueling expectations of tighter conditions next season.
Farmers in Ivory Coast said on August 24 that rainfall was below average last week across most cocoa-growing regions, adding that more rain alongside sunny spells would be needed to support the September-to-February main crop.