Cocoa #7 Futures Market News and Commentary
May ICE NY cocoa on Friday closed up +2 (+0.09%), and May ICE London cocoa #7 (CAK20) closed down -24 (-1.33%).
Cocoa prices on Friday settled mixed. Cocoa prices were under pressure Friday on reduced concern about supply disruptions after Marex Spectron Group said that most cocoa stocks from the Ivory Coast's main harvest have already been exported to consuming countries. NY cocoa on Wednesday earlier rallied to a 1-week high on concern Ivory Coast cocoa supplies might be disrupted after Ivory Coast's President on Tuesday imposed a state of emergency and limited the movement of people within the country to contain the spread of the coronavirus.
NY cocoa on Friday recovered its losses and settled slightly higher after a fall in the dollar index to a 1-1/2 week low sparked short-covering in NY cocoa futures.
Monday's data from the Ivory Coast government was bullish for cocoa prices as it showed Ivory Coast farmers sent only 25,560 MT of cocoa to ports from Mar 16... Read more