Cocoa Market Report for November 2025

Abidjan, 12 December 2025 - The International Cocoa Organization releases the Cocoa Market Report for November 2025. The current report highlights the following insights:

• In November 2025, cocoa futures prices exhibited an overall bearish trend, with only modest price increases. This was influenced by a combination of regulatory developments, supply expectations, and demand dynamics.
• Signals from regulators and policymakers played a significant role in influencing market sentiment. The postponement of the European Union Deforestation Regulation (EUDR) and the announcement that cocoa would be exempt from reciprocal tariffs under US trade policy improved the supply outlook. This permitted cocoa trade to continue without the need for immediate strict compliance and alleviated short-term supply concerns.
• However, contraction in cocoa demand contributed to downward pressure on prices, reinforcing the bearish tone in the market.
• Only limited price gains were observed, primarily due to inventory drawdowns in ICE Futures US licensed warehouses.
• Overall, regulatory delays, trade exemptions and weakening demand defined the cocoa futures market in November 2025, signalling cautious optimism regarding supply, but raising persistent concerns about consumption.

You can download the complete report by clicking here.