Cocoa Prices Increase in New York Amid Supply Surplus

Cocoa prices in New York experienced an uptick, reversing a significant weekly decline attributed to an oversupply in the market. Bloomberg posted on X that traders have been hesitant to make purchases, leading to an accumulation of cocoa beans in warehouses across West Africa. This surplus has been a key factor in the recent price fluctuations, as the market adjusts to the current supply-demand dynamics.