Cocoa Futures Market News and Commentary
Dec ICE NY cocoa (CCZ20) on Friday closed up +18 (+0.77%). Dec ICE London cocoa #7 (CAZ20) closed up +7 (+0.43%).
Cocoa prices on Friday erased early losses and closed moderately higher as a weak dollar sparked some short-covering in cocoa futures. London cocoa early Friday initially fell to a 2-1/2 month low, and NY cocoa held just above Thursday's 2-1/2 month low, on global cocoa demand concerns. The Cocoa Association of Asia reported 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 on 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 on Thursday that European Q3 cocoa processing fell -4.7% y/y to 345,739 MT, the lowest processing for a third-quarter in four years. The Malaysian Cocoa Board reported on Tuesday t... Read more