The world cocoa market is showing a new wave of price growth against the background of a revision of supply and demand balance forecasts. Cocoa quotes in New York are rising for the second day in a row, as traders take into account the deterioration of estimates of the supply surplus in the current season and changes in expectations for future purchases.

According to agronews.ua, cocoa futures contracts on the New York Stock Exchange rose to $ 6,066 per ton. Thus, the market continued its recovery after the fall recorded at the beginning of the week.

In general, cocoa futures prices increased by 1.5%. The main supporting factor was the correction of forecasts for the global surplus of cocoa beans in the ongoing season. Analysts note that expectations for a surplus have recently decreased significantly.

In particular, Citigroup Inc. reduced its own estimate of excess supply by 41% to 79,000 tonnes. This revision has strengthened the market's confidence that the balance may be much tighter than previously thought.

Although shipments of cocoa beans to export ports from Côte d'Ivoire, the world's largest producer, remain high this season, the situation with stocks looks less optimistic. Stocks in warehouses controlled by the US exchange continue to decline due to the constant export of raw materials and have now reached their lowest level since March.

An additional factor in the rise in prices may be the inclusion of cocoa in the Bloomberg Commodity Index. According to Citigroup, this can attract about $ 2 billion in investment purchases to the market in the first days of January, which will create additional demand.

At the same time, the dynamics in related commodity markets were more restrained. In particular, robusta coffee prices fell by 1.5%, while raw sugar prices showed a slight decrease. This emphasizes that the current increase in quotations is rather specific and is primarily related to the situation on the cocoa market.