Cocoa prices rose above $4,400 per tonne, rebounding from two-year lows of $4,200 hit on January 23. The recovery mainly reflected technical adjustments by funds following an intense period of liquidation rather than any shift in the market’s structural fundamentals. Cocoa prices fell about 32% over the past month, with last week’s nearly 20% drop pushing them to January 2024 lows, pressured by weak demand and improved production prospects in West Africa, including Ivory Coast and Ghana, and South America, particularly Ecuador. On the data front, the International Cocoa Organization (ICCO) on January 23 reported that 2024/25 global cocoa stocks rose 4.2% y/y to 1.1 MMT, 4.2% higher than the previous year. At the same time, certified inventories monitored by ICE at US ports registered a slight increase, reaching a two-month high of 1,755,877 bags.