Cocoa Jul '20 (CCN20)
Cocoa Futures Market News and Commentary
December ICE NY cocoa (CCZ22) on Monday closed down -17 (-0.72%), and December ICE London cocoa #7 (CAZ22) closed down -25 (-1.29%).
Cocoa prices Monday posted moderate losses. NY cocoa Monday fell back from a 1-1/2 week high and moved lower on signs of abundant cocoa supplies from the Ivory Coast, the world's biggest cocoa producer. The Ivory Coast government reported Monday that Ivory Coast cocoa farmers sent a cumulative 2.47 MMT of cocoa to Ivory Coast ports for the 2021/22 season (Oct-1-Sep 30), up +0.4% y/y.
London cocoa Monday was also under pressure on strength in the British Pound (^GBPUSD), which rose to a 1-week high. A stronger pound undercuts cocoa priced in terms of sterling.
NY cocoa Monday initially climbed to a 1-1/2 week high on carry-over support from last Thursday when Nigeria, the world's fifth biggest cocoa producer, reported its Aug cocoa bean exports tumbled -48% y/y to 10,823 MT.
An excessive short position by funds in NY cocoa m... Read more
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