Cocoa Rebound Fades as Ivorian Crop Prospects Improve (2 November 2026)
Cocoa began November with a failed rebound on Monday. New York December rallied to $5,600/t before reversing to $5,361 and closing at $5,392, down $62 (−1.14%). Its official settlement was $5,435, down $18 (−0.33%), leaving the closing price $43 below settlement. London December closed £21 lower (−0.51%) at £4,126/t after trading between £4,078 and £4,227. New York’s return towards the $5,350–$5,365 support area left the recent recovery attempt unconfirmed.
Our assessment is that the reversal reflected a technical rebound failing to attract sustained buying, with more reassuring Ivorian crop reports potentially tempering weather-related support. Although port arrivals remained weak, farmers described sufficient moisture and improving January–February harvest prospects despite below-average rainfall. Sizeable U.S. warehouse inventories and earlier weak chocolate-sales readings also remained a cautious backdrop.
