FX.co ★ Cocoa Futures Hover Around 2024-Lows

Cocoa prices are currently trading around $4,200 per tonne, maintaining levels close to their lowest since January 2024, driven by ongoing concerns regarding demand. Analysts point to sluggish global demand, which is causing an accumulation of unsold cocoa beans in the Ivory Coast and Ghana, the two largest cocoa-producing nations. On January 29, 2026, the Ivory Coast embarked on a strategic initiative to purchase back thousands of tons of unsold cocoa that have been stored in warehouses and ports across the country since November 2025. Simultaneously, the Ghana Cocoa Board (COCOBOD) has reported that international buyers are increasingly bypassing Ghanaian cocoa, due to its higher prices in comparison to cocoa from other producing countries. Currently, Ghana has about 50,000 metric tons of unsold cocoa stockpiled at its ports.