FX.co ★ Cocoa Futures Hover Around 2023-Lows

Cocoa futures hovered around $3,200 per tonne, near their lowest level since June 2023, weighed down by expectations of a record West African harvest and rising inventories. Producers in Ivory Coast and Ghana report that frequent rainfall across key growing areas has supported strong pod development, reinforcing the outlook for ample supply in both the short and medium term. At the same time, certified stocks tracked by ICE at U.S. ports have continued to climb, reaching a 7.5‑month high of 2,335,682 bags as of March 23. Global cocoa reserves are therefore expanding, as abundant crops coincide with subdued demand, constraining the likelihood of a sustained price rebound in the near term. In parallel, market participants remain wary of logistics risks associated with the conflict involving Iran.