Cocoa Prices Climb Back Above $5,000 Per Ton as Climate Concerns Drive Market

Global cocoa prices have climbed back above $5,000 per metric ton, reaching their highest level since January, as supply concerns linked to adverse weather conditions in West Africa pushed the market higher.

According to market analysis platform Trading Economics, cocoa prices rose to around $5,080 per metric ton, driven by two key factors: investors covering short positions and growing fears over production risks in the world's leading cocoa-producing regions.

Cocoa started 2026 near $6,000 per ton before falling to around $4,100 by the end of January. Prices recovered to approximately $4,700 in mid-May before continuing their upward trend through June. 

Despite the recent rally, prices remain well below the record high of more than $12,000 per ton reached in April 2025.

Market participants are closely monitoring the end of the mid-crop harvest in West Africa ahead of the main harvest season, which begins in September, amid increasing concerns over the potential impact of El Niño weather patterns on global cocoa production.

In Côte d'Ivoire, the world's largest cocoa producer, farmers have expressed concerns that above-average rainfall in key growing regions could trigger flooding, increase the spread of fungal diseases, and reduce bean quality during the final stages of the harvest.

Analysts noted that while adequate rainfall is essential for crop development, excessive moisture can encourage fungal infections and pest activity during the critical pod development and ripening stages.

Meanwhile, certified cocoa inventories at ICE Futures Europe warehouses declined by 3,828 bags to 2,914,908 bags, indicating tighter global supplies and providing additional support for higher cocoa prices.