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Cocoa #7 May '24 (CAK24)

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Cocoa #7 Futures Market News and Commentary

Hedge Selling Weighs on Cocoa Prices

May ICE NY cocoa (CCK26) on Wednesday closed down -80 (-2.25%), and May ICE London cocoa #7 (CAK26) closed down -56 (-2.14%).

Cocoa prices fell from 1.75-month highs on Wednesday and settled lower, as the recent rally has sparked hedge selling among cocoa producers and traders.  The Ivory Coast's Le Conseil du Café-Cacao cocoa regulator said Ivory Coast forward cocoa sales for the 2026/27 season have jumped to 800,000 MT so far this month, up sharply from 350,000 MT sold in March.  

Cocoa prices surged on Tuesday in hopes of a demand recovery after Malaysia reported that Q1 cocoa grindings rose by +8.7% y/y to 91,946 MT.  Q1 European, Asian, and North American cocoa grindings will be reported later this week.  

The closure of the Strait of Hormuz is also supportive for cocoa prices as it has reduced fertilizer supplies, boosted global shipping rates, insurance costs, and fuel prices, thereby raising cocoa importers' costs.

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Contract Specifications

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Contract
Cocoa #7
Contract Size
10 metric tonnes
Tick Size
GBP 1 per metric tonne (GBP 10.00 per contract)
Trading Hours
9:30a.m. - 4:50p.m. GMT
Exchange
ICE/EU
Point Value
GBP 10
Expiration Date
05/15/24 (expired)

Seasonal Chart

Cocoa #7 May '24
Average Price Chart for 5 Prior May Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
5,800 +8.52%
on 05/14/24
10,265 -38.68%
on 04/22/24
-2,883 (-31.42%)
since 04/15/24
3-Month
4,484 +40.37%
on 02/19/24
10,265 -38.68%
on 04/22/24
+1,599 (+34.06%)
since 02/15/24
52-Week
2,118 +197.17%
on 05/16/23
10,265 -38.68%
on 04/22/24
+4,167 (+195.91%)
since 05/15/23

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Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 6,294
2nd Resistance Point 6,294
1st Resistance Point 6,294
Last Price 6,294s
1st Support Level 6,294
2nd Support Level 6,294
3rd Support Level 6,294

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52-Week High 10,265
Fibonacci 61.8% 7,153
Last Price 6,294s
Fibonacci 50% 6,192
Fibonacci 38.2% 5,230
52-Week Low 2,118

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