Cocoa Futures Hit New 2024-Low

Cocoa futures continued their downward trend, dipping below $5,700 per tonne, a fresh low since February 2024, as traders continued to weigh prospects of improved supply in the largest cocoa-producing countries in West Africa against expectations of weakening global demand.

Beneficial rains have boosted crop development in the Ivory Coast and Ghana, while both countries have raised farmgate prices this season, encouraging farmers to increase deliveries to warehouses.