Cocoa #7 May '24 (CAK24)
Cocoa #7 Futures Market News and Commentary
July ICE NY cocoa (CCN26) on Friday closed down -27 (-0.78%), and May ICE London cocoa #7 (CAK26) closed down -13 (-0.51%).
Cocoa prices settled lower on Friday amid concerns about demand. Â Weak signs of chocolate demand are negative for cocoa prices after Circana last Tuesday reported that chocolate candy sales in North America in the 13 weeks ending March 22 fell -1.3% from the same period a year ago. Â Also, Bloomberg Intelligence said that chocolate candy sales during this past Easter holiday, a prime seasonal time for chocolate consumption, fell about 5% from last year.
Abundant current cocoa supplies are bearish for prices as ICE cocoa inventories rose to a 20-month high of 2,632,357 bags on Monday.
Weak global cocoa demand is bearish for prices. Â The National Confectioners Association reported last Thursday that North American Q1 cocoa grindings fell -3.8% y/y to 106,087 MT. Â Also, the European Cocoa Association reported that Q1 European cocoa grindings fell... Read more
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