Cocoa Market Report for April 2024
Abidjan, 22 May 2024 – The International Cocoa Organization releases the Cocoa Market Report for April 2024. The current report highlights the following insights:
- Prices during the month of April 2024, have been accompanied by an increasing volatility due to reduced market liquidity and uncertainty about the next crop.
- After the nearby May-24 contract attained an all-time high on 19 April 2024 of US$12,567 per tonne in London and US$11,878 per tonne in New York, cocoa futures by the end of the month declined by 15% on both markets to US$10,662 per tonne and US$10,050 per tonne in London and New York, respectively.
- Grindings data published by regional associations for Q1.2024 depict that demand does not seem to neutralize the deficit as they were better-than-expected. Some analysts are of the view that the increase in grindings may be due to panic buying in the chocolate industry as chocolate makers are buying as much as they can before a shortage in supplies occurs. Also due to the forward contracting strategy, manufacturers may currently be covered, and processing may not see an immediate significant decline for the rest of the season.
You can download the complete report by clicking here.
