SHA:601318 5 December 2025

June 17, 2026, 2:37 PM EDT. Cocoa prices declined slightly after early gains, pressured by a stronger U.S. dollar prompting long liquidation in futures markets. July ICE New York cocoa fell 0.17%, while London cocoa was down 0.19%. Despite this dip, medium-term support comes from weather risks associated with a confirmed El Niño pattern, expected to reduce West African cocoa yields. Funds hold a large short position, the highest in over three years, which could fuel any short-covering rallies. Meanwhile, increased shipments from Ivory Coast and rising cocoa inventories, near a 1.75-year peak, weigh on prices. Supply disruptions from the closure of the Strait of Hormuz add upward pressure by increasing costs for cocoa importers. Weak global demand remains a bearish factor.