Cocoa #7 Jul '24 (CAN24)
Cocoa #7 Futures Market News and Commentary
May ICE NY cocoa (CCK26) on Tuesday closed down -207 (-6.40%), and May ICE London cocoa #7 (CAK26) closed down -128 (-5.21%).
Cocoa prices settled sharply lower on Tuesday, with NY cocoa posting a 1-month low and London cocoa posting a 1.5-week low. Â An increase in cocoa supplies from the Ivory Coast is bearish for cocoa prices after cumulative data from the Ivory Coast showed that farmers shipped 1.45 MMT of cocoa to ports in the current marketing year (October 1, 2025, through April 4, 2026), up +0.7% from 1.44 MMT in the same period a year ago. Â
Signs of weak chocolate demand are also undercutting cocoa prices. Â According to Bloomberg Intelligence, early estimates for chocolate candy sales this Easter holiday, a prime seasonal time for chocolate consumption, are tracking toward a decline of about -5% from last year.
Ample supplies are also weighing on cocoa prices, as ICE cocoa inventories rose to a 19-month high of 2,417,397 bags on Monday.
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