Cocoa #7 Jul '28 (CAN28)
Cocoa #7 Futures Market News and Commentary
September ICE NY cocoa (CCU26) today is up +90 (+1.63%), and September ICE London cocoa #7 (CAU26) is up +74 (+1.81%).
Cocoa prices are moving higher today amid some short covering as they consolidate above last week’s lows.Â
Last Thursday, cocoa prices tumbled to 2-week lows on concerns about global demand after the European Cocoa Association reported that Q2 European cocoa grindings fell -4.6% to 316,366 MT, a larger decline than the -1.5% y/y expected and the lowest level for Q2 in 6 years. However, prices recovered on Friday after the National Confectioners Association reported that Q2 North American cocoa grindings unexpectedly rose by 7.7% y/y to 109,659 MT, well above expectations of a -1% y/y decline, easing cocoa demand fears. Also, Asian cocoa demand improved after the Cocoa Association of Asia reported that Q2 Asian cocoa grindings rose by +25% y/y to 224,646 MT, well above expectations of +9% y/y. Â
Signs of larger global cocoa supplies are negative f... Read more
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