Source: Oleoscope (Russia)
On Monday, cocoa bean exchange prices dropped approximately 11%, translating to a decrease of one thousand dollars, bringing the price down to $8,100 per ton, as reported by ICE Futures.
During the closing of Monday’s trading session, the May cocoa futures price decreased by 10.97%, settling at $8,123 per ton compared to the previous settlement on Friday, which was $9,124. This downturn resembles the losses observed on February 21, when the price plummeted nearly 10% from around $10,100 to roughly $9,100. The overall decline observed throughout February reached about 16%.
The price first surpassed $12,000 per ton in December of last year, so the current level reflects nearly one-third of the distance back from that all-time high. Moreover, it is still about double the price recorded in November 2023, when it was over $4,000 for the first time in 46 years. Meanwhile, cocoa inventories in both London and New York are at historic lows.