Cocoa prices averaged USD 6,583 per metric ton in October, up 2.5% from September. On 31 October, the commodity traded at USD 6,965 per metric ton, up 7.3% from 30 September.
Supply fears arose as heavy rain in African cocoa-producing regions caused flooding and crop disease: Global inventories fell to a 19-year low in the month, and markets braced for a larger-than-previously-expected supply deficit in 2024/25. Moreover, demand strengthened in Asia and the U.S., adding further upside pressure.
This chart displays Cocoa (US$/mt) from 2022 to 2024.
Cocoa ICCO (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Cocoa ICCO | 2,600 | 2,954 | 3,470 | 4,011 | 5,750 | 8,657 | 6,808 | - |