Cocoa prices rise amid reduced surplus expectations

This was reported by Bloomberg, according to Ukrinform.

New York cocoa futures rose to $6,066 per tonne.

Overall, futures gained 1.5%, extending a rebound after Monday’s decline. Expectations for a global supply surplus this season have recently diminished, while Citigroup Inc. cut its surplus estimate by 41% to 79,000 tonnes.

Although cocoa bean deliveries to export ports from leading producer Côte d’Ivoire have been strong this season, inventories in exchange-monitored warehouses in the United States continue to shrink due to ongoing drawdowns and are now at their lowest level since March. Additional price support may also come from cocoa’s inclusion in the Bloomberg Commodity Index, with Citigroup forecasting that this could attract up to USD 2 billion in buying during the first days of January.

Among other commodities, robusta coffee fell by 1.5%, while raw sugar edged slightly lower. As reported by Ukrinform, despite a decline in global quotations, soybean prices in Ukraine remain elevated due to limited supply and strong domestic demand from processors.

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