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Bigger supply signals push ICE cocoa futures lower as Nigerian exports rise 28% y/y

September ICE New York cocoa (CCU26) fell 2.90% on Friday, while July ICE London cocoa #7 (CAN26) slid 2.56%. Prices weakened as signs of larger supplies emerged, including a 28% y/y jump in Nigeria’s May cocoa exports to 18,000 tonnes and an upward revision of more than 260,000 tonnes to Ivory Coast port arrivals this season. ICE cocoa inventories also rose to a 1.75-year high of 1.75 million bags. Despite medium- to longer-term support tied to El Niño risks and weak pod formation in West Africa, the near-term supply increase triggered heavy long liquidation.
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