Price
Cocoa's surplus narrative breaks as both West African origins cut output and price is being set by supply again, not by demand destruction
Ghana's regulator has projected a decline of at least 16% in 2026/27 production while Cote d'Ivoire is also expected lower, sending London cocoa up 6.9% in a single session and reversing the demand led logic that had governed the market since grindings collapsed in the first quarter.
