Cocoa Market Report for August 2024
Abidjan, 18 September 2024 – The International Cocoa Organization releases the Cocoa Market Report for August 2024. The current report highlights the following insights:
- In August, it appeared the cocoa market entered a new phase characterized by “relatively low” cocoa prices. At the end of August, the monthly average cocoa price in London represented a six-month low at US$8,047 per tonne, while in New York, it was a one-month low at US$8,992 per tonne. These prices can be interpreted as ‘relatively low’ as they are about 133% and 163% above the average price recorded for August 2023 in London and in New York, respectively.
- Reports of conducive weather conditions, which is expected to bolster the 2024/25 main crop especially across the West African cocoa belt, were the main factor that provided the relief in prices.
- However, with the market still in backwardation, can we anticipate further price declines and improved availability of supplies? There has been a postponement of bean delivery from the current season to the 2024/25 season. Would upcoming supplies be enough to immediately satisfy the market?
You can download the complete report by clicking here.
