Cocoa Mar '09 (CCH09)
Cocoa Futures Market News and Commentary
July ICE NY cocoa (CCN26) today is down -10 (-0.24%), and July ICE London cocoa #7 (CAN26) is down -7 (-0.22%).
Cocoa prices fell from 1.5-week highs today and turned lower after the dollar index ($DXY) recovered from early losses and moved higher, which spurred long liquidation in cocoa futures. Â Also, signs of abundant cocoa supplies are negative for prices, as ICE cocoa inventories rose to a 1.75-year high of 2,745,277 bags on Tuesday.
Cocoa prices have moved higher over the past two sessions and posted 1.5-week highs on Tuesday amid fund short-covering, spurred by heavy rains in the Ivory Coast that have caused flooding and cut off farmers' access to cocoa plantations.  Cocoa prices also have support on concerns that a potential El Niño weather pattern this year could threaten the West African cocoa crop.
On May 11, cocoa prices soared to 4-month highs amid concerns that the formation of an El Niño weather pattern could lead to warmer, drier conditions in West... Read more
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