Cocoa Futures Market News and Commentary
Dec ICE NY cocoa (CCZ20) this morning is up +46 (+1.93%). Dec ICE London cocoa #7 (CAZ20) is up +14 (+0.85%).
Cocoa prices this morning are pushing higher, with NY cocoa at a 1-1/2 week high and London cocoa at a 1-week high. A slump in the dollar index to a 1-1/2 month low today has sparked short-covering in cocoa futures.
Last Friday, London cocoa fell to a 2-1/2 month low, and NY cocoa last Thursday posted a 2-1/2 month low on global cocoa demand concerns. The Cocoa Association of Asia reported last Friday that Q3 Asia cocoa grindings tumbled -10% y/y to 202,665 MT, much weaker than expectations of -4.3% y/y. The National Confectioners Association last Thursday reported that Q3 North America cocoa grindings fell -4% y/y to 118,260 MT, the lowest for a Q3 in 12 years but a smaller decline than expectations of -5% y/y. The European Cocoa Association reported last Thursday that European Q3 cocoa processing fell -4.7% y/y to 345,739 MT, the lowest processing for a third... Read more