Cocoa futures were trading around $2,600 a tonne in the last week of February and on track for their first monthly gain in three, basking in the afterglow of a boost in chocolate sales during the Valentine’s Day holiday. Still, overall weak demand, mainly due to the ongoing impact of COVID-19 in the hospitality sector, led to a surplus environment. Market participants now await the ICCO report for a clear picture of the supply/demand balance.
Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa - data, forecasts, historical chart - was last updated on February of 2021.
Cocoa is expected to trade at 2540.29 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2237.66 in 12 months time.