Cocoa #7 Dec '24 (CAZ24)
Cocoa #7 Futures Market News and Commentary
September ICE NY cocoa (CCU26) on Friday closed up +171 (+3.19%), and September ICE London cocoa #7 (CAU26) closed up +118 (+2.97%).
Cocoa prices settled sharply higher on Friday as short covering emerged after North American Q2 cocoa grindings unexpectedly increased. The National Confectioners Association reported late Thursday that Q2 North American cocoa grindings unexpectedly rose +7.7% y/y to 109,659 MT, well above expectations of a -1% y/y decline, easing cocoa demand fears.
On Thursday, cocoa prices tumbled to a 1.5-week low on signs of weak global demand after the European Cocoa Association reported that Q2 European cocoa grindings fell -4.6% to 316,366 MT, a larger decline than expectations of -1.5% y/y and the lowest level for Q2 in six years. However, 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 sup... Read more
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