Cocoa Sep '24 (CCU24)
Cocoa Futures Market News and Commentary
September ICE NY cocoa (CCU26) on Monday closed down -13 (-0.23%), and September ICE London cocoa #7 (CAU26) closed up +1 (+0.02%).
Cocoa prices were under modest pressure on Monday amid a stronger dollar, which weighed on most commodities. Also, rising cocoa inventories are bearish for prices after ICE cocoa inventories rose to a 2-year high of 3,279,012 bags on Monday.
Last Thursday, cocoa prices tumbled to 2-week lows on concerns about global demand after the European Cocoa Association reported that Q2 European cocoa grindings fell -4.6% to 316,366 MT, a larger decline than the -1.5% y/y expected and the lowest level for Q2 in 6 years. However, prices recovered on Friday after the National Confectioners Association reported that Q2 North American cocoa grindings unexpectedly rose by 7.7% y/y to 109,659 MT, well above expectations of a -1% y/y decline, easing cocoa demand fears. Also, Asian cocoa demand improved after the Cocoa Association of Asia reported that Q2 A... Read more
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