Cocoa Sell-Off Deepens as Key Price Levels Break (10 November 2026)
Cocoa futures extended their sell-off on Tuesday, 10 November, with New York recording sharper losses than London. December New York last traded at $4,724 a tonne, down 5.52%, while December London finished at £3,637, down 3.71%. Losses spread across both futures curves as trading volume reached its highest level in the last 22-sessions. Although prices recovered partially from their intraday lows, widening nearby discounts showed continued weakness at the front of both markets. London’s relative resilience also pushed its March premium over New York to approximately $207 a tonne on an FX-adjusted, last-traded basis.
Tuesday’s decline appears to have combined growing technical weakness with persistent concerns about chocolate demand and rising exchange inventories. Reuters quoted dealers saying funds were increasing net short positions after London’s Monday close below £4,000 per tonne weakened the technical outlook. New York’s March 2027 contract subsequently broke below the psychological $5,000 threshold on Tuesday, reinforcing the bearish price structure. These breaks may have encouraged further momentum selling. The market’s response suggests that available inventories and concerns about near-term demand continued to outweigh the potential supply threat from adverse weather.
