Cocoa Dec '22 (CCZ22)
Cocoa Futures Market News and Commentary
September ICE NY cocoa (CCU26) on Friday closed up +75 (+1.41%), and September ICE London cocoa #7 (CAU26) closed up +49 (+1.23%).
Cocoa prices on Friday rebounded higher on some apparent pre-weekend short-covering after the sell-off seen in the past two weeks to Thursday’s 2-week low. Cocoa prices also saw some support from Friday’s slightly weaker dollar.Â
President Trump announced late Thursday broad Section 301 tariffs ranging from 10% to 12.5% on 60 nations, citing forced labor, replacing the 10% global import tax that expired and the previous reciprocal tariff that was struck down by the US Supreme Court. However, the new Section 301 tariffs apparently will not affect US cocoa imports, since they do not apply to food products.
Cocoa prices have seen weakness in the past two weeks on larger global cocoa supplies. Tuesday’s cumulative data from the Ivory Coast showed that farmers shipped 2.10 MMT of cocoa to ports in the current marketing year (October 1, 202... Read more
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