Cocoa May '24 (CCK24)
Cocoa Futures Market News and Commentary
September ICE NY cocoa (CCU26) on Thursday closed down -521 (-8.86%), and September ICE London cocoa #7 (CAU26) closed down -385 (-8.82%).
Cocoa prices plummeted on Thursday to 1.5-week lows. Signs of weak global demand hammed cocoa prices on Thursday 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. Cocoa prices maintained heavy losses on Thursday despite an uptick in Asian cocoa demand after the Cocoa Association of Asia reported that Q2 Asian cocoa grindings rose +25% y/y to 224,646 MT, well above expectations of +9% y/y.Â
Signs of larger global cocoa supplies are also negative for cocoa prices. Bloomberg reported on Thursday that Nigerian Jun cocoa exports rose 30% y/y to 18,922 MT.Â
Cocoa prices have rallied sharply over the past month, with NY cocoa hitting a 6.25-month high and London cocoa hitting a 9.5-month hi... Read more
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