
March ICE NY cocoa (CCH26) on Tuesday closed up +122 (+2.08%), and March ICE London cocoa #7 (CAH26) closed up +128 (+3.02%).
Cocoa prices rallied sharply on Tuesday amid signs of a smaller global cocoa surplus. Short covering emerged in cocoa futures on Tuesday, pushing prices higher, after Citigroup cut its 2025/26 global cocoa surplus estimate to 79,000 MT from a September estimate of 134,000 MT.