The cocoa price has risen to all-time highs

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Source: Dukascopy Bank SA
Global cocoa prices have hit a record high due to drought conditions damaging crops in West Africa. The El Niño weather phenomenon is causing hot, dry weather in major cocoa-producing countries like Ghana and Ivory Coast, while climate change is also worsening the situation. The global cocoa market faced its biggest deficit in over 60 years in the 2023-2024 marketing year, according to ING, based on data from the International Cocoa Organization (ICCO).



Currently, cocoa is trading above $11,700 per ton, while the 50-period, 100-period, and 200-period simple moving averages are within the $8,500-$8,000 range. However, if cocoa production becomes limited, it could have a significant impact on the supply side of the market.
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