Cocoa #7 Dec '24 (CAZ24)
Cocoa #7 Futures Market News and Commentary
September ICE NY cocoa (CCU26) closed up +6 (+0.10%) on Friday, and September ICE London cocoa #7 (CAU26) closed up +4 (+0.09%).
Cocoa prices recovered from early losses on Friday and posted modest gains as the decline in the dollar index ($DXY) to a 7-week low prompted short covering in cocoa futures.
Cocoa prices initially moved lower on Friday amid signs of larger cocoa supplies from Ghana. Ghana’s cocoa board reported on Wednesday that 750,000 MT of cocoa has been harvested for the 2025/26 season, which ends at the end of this month, up +25.6% from 597,000 MT in 2024/25.
Rising cocoa inventories are also negative for prices after ICE cocoa inventories rose to a 2-year high of 3,384,965 bags on Wednesday.
On Wednesday, cocoa prices rose to 3-week highs on positive carryover from last Friday, amid concerns over future cocoa production in Ghana, the world’s second-largest cocoa producer. Last Friday, Ghana’s cocoa regulator, COCOBOD, projected Ghana’s 202... Read more
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