Cocoa prices rose further recently, averaging USD 3,442 per metric ton in August, up 3.0% from July’s price and 51.6% higher year on year. The spot price was USD 3,644 per metric ton on 31 August, 4.2% higher month on month.
Cocoa prices surged further in August on persistent supply concerns. Shipments from the largest global producer, Côte d’Ivoire, were down over 3% year on year in 2022/23 through August. Cocoa inventories in U.S. ports also declined, and Ghana reported that farmers would not be able to fulfill some contracts on short supply; the country’s output is seen at a 13-year low in the current marketing year on a lack of fertilizer and disease spread. Meanwhile, demand showed signs of moderating amid prohibitively high prices and a muted global economic outlook, capping the price rally somewhat.
Cocoa ICCO (prices in US$/mt, aop)
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