Cocoa Futures at 1-Month High

2025-12-10 14:26 By Luisa Carvalho 1 min. read

Cocoa futures traded above $6,100 per tonne, the highest since early November, driven by speculative trading amid rumors of an uneven harvest in key West African producing countries and ahead of the contract’s inclusion in the Bloomberg Commodity Index (BCOM) next year.

The move is expected to trigger up to $2 billion in buying in early January.

Underlying fundamentals, including expectations of a reduced global surplus, also bolstered prices.

Rabobank on December 10 cut its 2025/26 global cocoa surplus forecast to 250,000 MT, down from 328,000 MT in November.

On November 28, the International Cocoa Organization (ICCO) reduced its 2024/25 global surplus estimate to 49,000 MT from 142,000 MT and lowered its production forecast to 4.69 MMT from 4.84 MMT.

Meanwhile, prospects for the 2025/26 harvest remain positive.

Farmers in top grower Ivory Coast expect that recent light rains and hot weather will boost the size and quality of cocoa beans harvested from February.



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