The month of August 2025 was marked by significant volatility in cocoa prices, reflecting persistent uncertainties surrounding global supply and production prospects in West Africa.
1. General Trends
The daily ICCO price fluctuated between $7,285/t (August 26) and a peak of $8,163/t (August 12).
Over the month, the average ICCO price hovered around $7,600/t, maintaining historically high levels despite a decline at the end of the period.
In euros, prices followed the same trend, ranging from €6,251/t to €6,994/t.
2. Hesitant Start to the Month
On August 1, cocoa was trading at $7,422/t. After a slight drop around August 4, prices quickly regained strength, crossing the $7,880/t mark by August 6. This rise was fueled by:
The weakness of exportable supply in Côte d’Ivoire and Ghana.
Concerns related to unfavorable weather conditions.
3. Dynamic Mid-Month
August 12 marked the month's climax, with an ICCO price of $8,163/t, supported by the strength of futures contracts on the London and New York markets. This surge reflected the nervousness of traders facing a still-constrained supply.
4. End-of-Month Pressure
Following this peak, prices gradually retreated, falling to $7,329/t on August 29. This decline can be attributed to:
Profit-taking by investors.
A temporary easing of supply tensions.
Reduced commercial activity due to the summer season.
5. Market Spreads
London: Prices remained around £5,200 – £5,700/t, reflecting expectations tied to African origins.
New York: Contracts fluctuated between $7,580 and $8,500/t, more sensitive to speculative movements and the strength of the dollar.
Conclusion
The month of August 2025 illustrates a still-tense cocoa market, where fundamentals (limited production, climate uncertainties) are keeping prices at a very high, near-record level. While the bullish trend at the beginning of the month gave way to a technical pullback, volatility remains high, testifying to a fragile balance between supply and demand.
In summary:
Trend: Bullish in the first half, pullback at the end of the month.
Average Price: Approximately $7,600/t.
Key Factors: Limited supply, weather, speculation.