HCMC – Cocoa prices plunged 3.65% to US$6,749 per ton, hitting their lowest level in 11 months due to improved supply and weakening demand, according to the Vietnam Commodity Exchange (MXV).
The MXV reported that the global commodity market remained in negative territory in the final trading session of September, the Vietnam News Agency said.
In the industrial materials market, cocoa stood out as prices tumbled sharply, returning to their lowest level in 11 months. Specifically, cocoa prices fell steeply by 3.65% to close at US$6,749 per ton, the lowest since late 2024.
The main reason came from expectations that supply in Ivory Coast, the world’s largest cocoa exporter, would improve. Heavy rainfall over the past week raised hopes that the harvest could last longer, yielding larger output and higher quality early next year. This outlook has eased fears of severe shortages that dominated the market in 2024.
Besides supply pressure, cocoa prices have also been hurt by weakening demand. After seven consecutive weeks of high prices, expensive costs and tax burdens have curbed consumer demand, negatively affecting the chocolate industry.
Chocolate giants Lindt & Sprüngli and Barry Callebaut both had to lower profit forecasts as first-half sales dropped more than expected. Notably, Barry Callebaut, the world’s largest chocolate maker, reported a 9.5% decline in second-quarter sales, the sharpest quarterly drop in a decade.
