Cocoa Prices

Cocoa prices averaged USD 4,150 per metric ton in May, up 23.1% from April. On 29 May, the commodity traded at USD 4,157 per metric ton, up 14.2% from 30 April.

In May, cocoa prices saw their sharpest increase in 17 months. The El Niño weather event is likely to emerge by July, with a 67% chance of a “super El Niño”, according to U.S. estimates. This bodes ill for production from West Africa, exacerbating fertilizer supply concerns stemming from the closure of the Hormuz Strait.