Cocoa futures were trading around $2,750 a tonne in the first trading week of March, a level not seen since December last year, on hopes demand will recover amid a gradual reopening of some economies as vaccination drives gather pace. Still, investors continued to fret about an excess supply, in large part due to the ongoing impact of COVID-19 in the hospitality sector.
Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa - data, forecasts, historical chart - was last updated on March of 2021.
Cocoa is expected to trade at 2593.97 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2284.95 in 12 months time.