Cocoa prices in New York are experiencing a significant decline, with futures dropping as much as 2.3% on Thursday. This follows a period of sustained highs, with cocoa exceeding $11,000 per tonne in 2024 due to global supply concerns. However, recent forecasts predict favorable weather conditions for crucial west African growers, raising hopes of a production rebound next season. This optimism has led to the first quarterly loss for cocoa futures in two years.

Cocoa prices fall after peaking above $11,000

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cocoa price-fall

Cocoa prices fall after peaking above $11,000