Global Cocoa Prices
Cocoa Bean Prices in Asia
Cocoa Bean Prices in Africa
Global cocoa bean prices in benchmark markets have remained volatile in recent weeks. Following an increase in the first half of September, prices declined by approximately 10% toward the end of last week. As of the last week of September 2026, benchmark African cocoa contracts on the ICE London exchange are trading at around £4,050 per metric ton, equivalent to approximately $5,420, while benchmark Asian cocoa contracts on ICE New York are trading at around $5,480 per metric ton. The latest ICCO daily price stands at approximately $5,434 per metric ton, or around $5.43 per kilogram.
Recent volatility has been driven by two opposing forces. On the supply side, concerns over lower 2026/27 crop production in Côte d’Ivoire and Ghana, heavy rainfall, rising risks of fungal diseases, and the potential strengthening of the El Niño phenomenon could put pressure on global cocoa supplies. On the other hand, increased cocoa arrivals from Côte d’Ivoire and rising exchange stocks have created downward pressure on prices.
The following sections examine the key drivers behind these price movements and the short-term outlook for the global cocoa market.
Cocoa Price Analysis
According to the latest market data, global cocoa prices have recently pulled back following a significant correction from the historical highs recorded in 2024 and the price increase seen during the summer. Cocoa is currently trading at around $5,490 per metric ton, reflecting reduced concerns over short-term supply availability.
Current cocoa market conditions:
- Global cocoa bean price (ICCO daily indicator): approximately $5,434/metric ton (around $5.43/kg)
- New York cocoa contract: approximately $5,490/metric ton
- London cocoa contract: approximately £4,050/metric ton (equivalent to around $5,420)
The London, New York Cocoa Price Differential Remains
According to the latest market data, global cocoa prices are currently trading in the range of approximately $5,400–$5,500 per metric ton. The price differential between the London and New York benchmark markets continues to be influenced by factors including supply conditions in producing regions, futures contract structures, exchange stocks, and expectations for the upcoming crop.
At present, the dollar-equivalent price of the London contract is slightly below that of the New York contract.
This price differential may fluctuate in the short term as market expectations change regarding production in West Africa, weather conditions, and demand from the chocolate and confectionery industries.
Global Cocoa Bean Price Outlook
In the short term, the global cocoa market is expected to remain volatile. Concerns over lower production in Côte d’Ivoire and Ghana during the 2026/27 season could provide support to prices. However, higher cocoa arrivals from Côte d’Ivoire, elevated exchange stocks, and pressure from weaker demand in the chocolate industry may limit the potential for a sustained price increase.
Based on current market expectations, cocoa prices are likely to remain exposed to periodic price spikes in the coming months due to weather-related risks and potential disruptions to global supply.
Data Source and Methodology of This Report
This analysis was prepared by the Raw Materials Supply Team at Samt O Soye Atieh (SOSA), a company active in the supply of cocoa derivatives, including cocoa powder, cocoa butter, and cocoa mass, as well as other raw materials for the food industry.
The price data presented in this report are based on daily prices published by the International Cocoa Organization (ICCO) and futures contracts traded on the ICE exchanges in London and New York. The figures have been converted to a per-kilogram basis where applicable.
These figures represent international benchmark prices for raw cocoa beans, rather than delivered prices in Iran.
The purpose of this analysis is to provide a reliable view of global cocoa price trends and support informed decision-making across the food and chocolate industry supply chain.
FAQs
Global cocoa prices have followed an overall downward trend over the past month. The New York cocoa contract declined from approximately $6,090 per metric ton in late August to around $5,490 per metric ton on September 30, representing a decrease of approximately 10%, after rising to nearly $6,500 per metric ton in early September.
Over a three-month horizon, however, the market remains above its early-summer low of approximately $4,500 per metric ton. This price behavior highlights the market’s sensitivity to changes in the supply outlook, while prices remain significantly below the historical peak reached in 2024.
Cocoa price volatility over the past month has been driven by two opposing forces.
On the upside, concerns over 2026/27 crop supply, weather-related risks, and the potential impact of El Niño in West Africa, together with renewed speculative buying following the sharp price correction, helped push the market close to $6,500 per metric ton in early September.
On the downside, higher cocoa arrivals from Côte d’Ivoire, which were approximately 18% above the previous year, rising certified stocks in ICE warehouses to their highest level in two years, and weaker cocoa grinding demand from the chocolate industry created downward pressure. These factors contributed to a decline of approximately 10% in a single day on September 18.
The future direction of the market will depend largely on the balance between the production outlook and the strength of demand from the chocolate industry.
Cocoa prices have been one of the most significant drivers of higher chocolate production costs over the past two years. Although the market has moved down from its historical peak in 2024, prices remain well above their long-term average.
The impact on final product prices also tends to emerge with a time lag: a shipment arriving at a factory today may have been purchased several weeks earlier, based on the cocoa price and exchange rate prevailing at the time of purchase.
Sustained high cocoa prices can put pressure on manufacturers’ profit margins and gradually contribute to higher consumer prices. However, market volatility itself remains a major supply-chain risk, as sharp daily price movements—sometimes around 10%—make procurement planning and product pricing more difficult.
