La recuperación del cacao y el papel de las compras vinculadas al índice en 2026

The cocoa market is poised for a dramatic transformation in early 2026, driven by its long-awaited return to the Bloomberg Commodity Index (BCOM) and a confluence of supply-demand dynamics that could reshape its investment profile. After a 21-year absence, cocoa's inclusion in the BCOM-effective January 2026-has already triggered speculative fervor, with institutional investors positioning for a potential $2 billion influx into New York cocoa futures. This development, coupled with revised supply forecasts and structural demand shifts, creates a compelling near-term case for investors to consider cocoa as a strategic asset.

Index-Linked Buying: A Catalyst for Short-Term Volatility

The inclusion of cocoa in the BCOM is not merely symbolic; it represents a structural shift in liquidity and institutional demand. According to a Bloomberg report, the index rebalancing is expected to attract significant capital inflows, with Citigroup estimating up to $2 billion in buying activity by early January 2026. This surge has already manifested in price action, with cocoa futures in New York rising by 2.7% in late 2025 as traders anticipated the influx. Such index-linked buying acts as a short-term tailwind, amplifying price momentum even as underlying fundamentals remain mixed.

However, the impact of this institutional demand must be contextualized within broader market conditions. While the 2024/25 season concluded with a global surplus of 49,000 metric tonnes (MT), the ICCO and Rabobank have revised their 2025/26 forecasts downward, projecting surpluses of 142,000 MT and 250,000 MT, respectively.These adjustments reflect improved production in key regions like the Ivory Coast, where favorable weather has boosted yields. Yet, the surplus is narrowing, and the market is increasingly sensitive to any disruptions in supply or shifts in demand.

Structural Supply Constraints and Demand Weakness

Despite the near-term optimism, cocoa's long-term fundamentals remain fragile. Structural issues in major producing countries-such as aging cocoa trees, the spread of swollen shoot disease in Ghana and the Ivory Coast, and limited replanting-pose persistent risks to output. These challenges are compounded by weak global demand, with cocoa grindings declining by 7.2% in Europe, 16% in Asia, and 2.8% in North America in Q2 2025 according to J.P. Morgan Global Research. The softening demand has pushed speculative sentiment in the London cocoa market to a net short position, signaling bearish expectations.

Yet, these headwinds may not fully offset the index-driven demand. J.P. Morgan Global Research argues that cocoa prices are likely to remain structurally higher due to ongoing supply constraints and the cost pass-through challenges faced by chocolate manufacturers. The tightening of global cocoa supply-evidenced by downward revisions to surplus estimates-provides a floor for prices, even as demand remains under pressure according to Nasdaq analysis.

The Investment Case: Balancing Short-Term Gains and Long-Term Risks

For investors, the immediate case for NY cocoa futures hinges on the interplay between index-linked buying and the narrowing supply-demand balance. The $2 billion influx in early 2026 is expected to create a liquidity-driven price rebound, offering a window for tactical positioning. However, this opportunity must be weighed against the structural risks of oversupply and demand weakness.

The key lies in timing. The index rebalancing in January 2026 could generate a sharp price spike, but the sustainability of this move depends on whether the market can absorb the surplus while maintaining demand resilience. Investors should monitor grindings data and speculative positioning in the London market as leading indicators of sentiment shifts. Additionally, any delays in replanting efforts in West Africa or unexpected weather disruptions could further tighten supply, amplifying price volatility.

In conclusion, cocoa's return to the BCOM has injected a new dynamic into a market already grappling with complex fundamentals. While index-linked buying provides a near-term tailwind, the long-term outlook remains contingent on resolving structural supply issues and stabilizing demand. For those willing to navigate the volatility, NY cocoa futures present a unique opportunity to capitalize on both institutional inflows and tightening supply conditions.