Cocoa #7 Futures Market News and Commentary
Dec ICE NY cocoa (CCZ20) on Monday closed up +18 (+0.73%). Dec ICE London cocoa #7 (CAZ20) closed up +10 (+0.59%).
Cocoa prices on Monday settled higher for a third day, with NY cocoa at a fresh 3-week high and London cocoa at a 2-week high. Cocoa prices rose Monday on concern about political unrest in the Ivory Coast ahead of this Saturday's presidential election. The Ivory Coast government recently extended a ban on public protests until Nov 1 " to prevent disturbances of public order." At least a dozen people have been killed in the Ivory Coast and several hundred injured since Ivory Coast President Ouattara announced last month that he would seek a controversial third term.
Cocoa prices continue to be undercut by concern about weak demand. The Cocoa Association of Asia reported Oct 16 that Q3 Asia cocoa grindings tumbled -10% y/y to 202,665 MT, much weaker than expectations of -4.3% y/y. The National Confectioners Association on Oct 15 reported that Q3 North Americ... Read more