Cocoa Mar '18 (CCH18)
Cocoa Futures Market News and Commentary
July ICE NY cocoa (CCN26) on Monday closed up +287 (+7.98%), and July ICE London cocoa #7 (CAN26) did not trade with markets in the UK closed for the May Day holiday.
Cocoa prices rallied sharply on Monday, as NY cocoa posted a 2.75-month high. Â The prolonged closure of the Strait of Hormuz is disrupting global cocoa supplies and is also a supportive factor for prices. Â The closure of the strait supports cocoa prices by reducing fertilizer supplies, boosting global shipping rates, insurance costs, and fuel prices, thereby raising cocoa importers' costs.
An excessive short position by funds in NY cocoa could exacerbate any short-covering rally. Â Last Friday's weekly Commitment of Traders (COT) report showed that funds boosted their short positions in NY cocoa by 3,499 net-short positions in the week ended April 28 to 19,885 short positions, the most in more than three years.
Signs that consumer demand for chocolate is holding up are a positive factor for cocoa price... Read more
Barchart · 1 hour ago
Cotton futures closed the Monday session with contracts down 30 to 127 points across most contracts. The US dollar index was $0.146 higher at $98.065....
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Cathie Wood's move signals that the market may be treating the spending surge as a temporary overhang on an otherwise intact long-term growth thesis.
