Cocoa Futures Market News and Commentary
Sep ICE NY cocoa (CCU20) on Monday closed up +33 (+1.53%). Sep ICE London cocoa #7 (CAU20) closed down -6 (-0.38%).
Cocoa prices on Monday settled mixed with NY cocoa at a 1-week high. Signs of decent demand gave cocoa prices a boost Monday after Gepex, a group of 6 of the world's biggest cocoa grinders, reported that Gepex cocoa processing in June rose +1.4% y/y to 45,430 MT.
Cocoa prices also gained on relief that Monday's Malaysia Q2 cocoa grinding data was not as bad as feared. The Malaysian Cocoa Board reported Monday that Malaysia Q2 cocoa grindings fell -7.2% y/y to 77,425 MT, not as bad as the consensus for a -10% y/y decline.
Cocoa prices also have carry-over support from last Thursday's report from Barry Callebaut, the world's largest cocoa processor, that global chocolate sales were flat in the Sep-Apr period but started to pick up in mid-May.
A negative for cocoa prices was Monday's data from the Ivory Coast government that showed Ivory Coast... Read more