Cocoa Sep '23 (CCU23)
Cocoa Futures Market News and Commentary
May ICE NY cocoa (CCK26) on Monday closed up +32 (+0.99%), and May ICE London cocoa #7 (CAK26) closed up +28 (+1.16%).
Cocoa prices recovered from early losses and settled higher on Monday, with NY cocoa posting a 1-week high. The dollar ($DXY) gave up an early advance and turned lower on Monday, sparking short covering in cocoa futures and pushing prices higher.
The closure of the Strait of Hormuz is also supportive for cocoa prices as it has reduced fertilizer supplies, boosted global shipping rates, insurance costs, and fuel prices, thereby raising cocoa importers' costs.
An excessively short position by funds in New York cocoa could add fuel to any short-covering rally. Last Friday's weekly Commitment of Traders (COT) report showed funds boosted their short position in NY cocoa by 1,900 net short positions in the week ended April 7 to 16,368, the most in more than 3 years.
Larger cocoa supplies from the Ivory Coast are bearish for prices. Monday's cu... Read more
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May NY world sugar #11 (SBK26 ) on Monday closed down -0.07 (-0.51%), and May London ICE white sugar #5 (SWK26 ) closed down -1.10 (-0.27%). Sugar prices...
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May ICE NY cocoa (CCK26 ) on Monday closed up +32 (+0.99%), and May ICE London cocoa #7 (CAK26 ) closed up +28 (+1.16%). Cocoa prices recovered from early...
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