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Cocoa #7 Jul '23 (CAN23)
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Cocoa #7 Futures Market News and Commentary

Dollar Weakness and El Nino Spark Fund Buying in Cocoa Futures

July ICE NY cocoa (CCN23) on Thursday closed up +46 (+1.48%), and July ICE London cocoa #7 (CAK23) closed up +23 (+0.96%).

Cocoa prices Thursday extended this week's rally to 1-month nearest-futures highs.  Thursday's decline in the dollar index (DXY00) to a 2-week low was bullish for most commodity prices, including cocoa.  Fund buying also pushed cocoa prices higher on concern that an El Nino weather event could undercut global cocoa production.  Cocoa prices rallied to 12-year highs in 2016 after an El Nino weather event in 2015/16 caused a drought that hampered global cocoa production.  On Thursday,  the U.S. Climate Prediction Center said that sea surface temperatures across the equatorial Pacific Ocean had risen 0.5 degrees Celsius above normal, and wind patterns have changed to the point where El Nino criteria have been met.  

Gains in London cocoa Thursday were limited after the British pound (^GBPUSD) rallied to a 4-week high against the dollar.  The stronger po... Read more

Contract Specifications

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Contract
Cocoa #7
Contract Size
10 metric tonnes
Tick Size
GBP 1 per metric tonne (GBP 10.00 per contract)
Trading Hours
9:30a.m. - 4:50p.m. GMT
Exchange
ICE/EU
Point Value
GBP 10
Expiration Date
07/14/23 (36 days)

Seasonal Chart

Cocoa #7 Jul '23
Average Price Chart for 5 Prior Jul Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
2,218 +8.84%
on 05/09/23
2,418 -0.17%
on 06/08/23
+198 (+8.94%)
since 05/05/23
3-Month
2,019 +19.56%
on 03/14/23
2,418 -0.17%
on 06/08/23
+298 (+14.08%)
since 03/08/23
52-Week
1,736 +39.06%
on 08/04/22
2,418 -0.17%
on 06/08/23
+601 (+33.15%)
since 06/08/22

More Cocoa #7 Quotes

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Most Recent Stories

More News
Mostly Higher Cotton Market on Thursday

With the exception of July’s 70 point loss, cotton futures settled higher ahead of the USDA report day. Dec contracts were up by 40 points at the close, tightening the inverse to 2.68 cents. So far through...

CTN23 : 84.16 (-0.18%)
CTV23 : 83.95s (+0.39%)
CTZ23 : 81.45 (-0.22%)
Dollar Weakness and El Nino Spark Fund Buying in Cocoa Futures

July ICE NY cocoa (CCN23 ) on Thursday closed up +46 (+1.48%), and July ICE London cocoa #7 (CAK23 ) closed up +23 (+0.96%). Cocoa prices Thursday extended this week's rally to 1-month nearest-futures...

CCU23 : 3,137s (+1.49%)
CAU23 : 2,391s (+0.97%)
DXY00 : 103.348 (unch)
Coffee Prices Settle Sharply Higher as an El Nino Weather Pattern Develops

July arabica coffee (KCN23 ) on Thursday closed up +9.45 (+5.10%), and July ICE robusta coffee (RMN23 ) closed up +86 (+3.22%). Coffee prices Thursday settled sharply higher, with arabica posting a 3-week...

KCU23 : 190.35s (+4.76%)
RMU23 : 2,726s (+3.41%)
DXY00 : 103.348 (unch)
Sugar Prices Surge on Global Weather Concerns

July NY world sugar #11 (SBN23 ) on Thursday closed up +0.98 (+4.00%), and Aug London white sugar #5 (SWQ23 ) closed up +19.60 (+2.93%). Sugar prices Thursday rallied sharply, with NY sugar posting a 1-week...

SBN23 : 25.48s (+4.00%)
SWQ23 : 688.80s (+2.93%)
Dollar Weakness and El Nino Spark Fund Buying in Cocoa Futures

July ICE NY cocoa (CCN23 ) on Thursday closed up +46 (+1.48%), and July ICE London cocoa #7 (CAK23 ) closed up +23 (+0.96%). Cocoa prices Thursday extended this week's rally to 1-month nearest-futures...

CCU23 : 3,137s (+1.49%)
CAU23 : 2,391s (+0.97%)
DXY00 : 103.348 (unch)
Mixed Midday for Cotton Market

July cotton is 24 points in the red at midday. The other front months are working higher with 40 to 47 point gains. July is still a 312 point premium to the new crop Dec contract. USDA reported 480,399...

CTN23 : 84.16 (-0.18%)
CTV23 : 83.95s (+0.39%)
CTZ23 : 81.45 (-0.22%)
Coffee Prices Surge as an El Nino Weather Pattern Develops

July arabica coffee (KCN23 ) this morning is up +9.00 (+4.85%), and July ICE robusta coffee (RMN23 ) is up +83 (+3.10%). Coffee prices this morning are sharply higher, with arabica posting a 3-week nearest-futures...

KCU23 : 190.35s (+4.76%)
RMU23 : 2,726s (+3.41%)
Cocoa Consolidation

Cocoa prices continue to consolidate at over $3,000 per ton. The soft commodity is the latest to join the bullish party in a sector that has led the commodities asset class over the past year.

CCN23 : 3,149s (+1.48%)
ICE : 110.60 (+2.10%)
NIB : 36.29 (+1.65%)
Cotton Gaining into Export Sales Data

Cotton is trading a point to 96 points higher this morning ahead of the USDA Export Sales report. Cotton worked lower on the midweek session, but closed 40 points to a penny off the session lows. July...

CTN23 : 84.16 (-0.18%)
CTV23 : 83.95s (+0.39%)
CTZ23 : 81.45 (-0.22%)
Cotton Closes Red on Wednesday

Cotton worked lower on the midweek session, but closed 40 points to a penny off the session lows. July went home at a 33 point loss, and is now down a net 104 points for the week’s move. July was a 3.78...

CTN23 : 84.16 (-0.18%)
CTV23 : 83.95s (+0.39%)
CTZ23 : 81.45 (-0.22%)

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Soft Signal Strength.

Key Turning Points

3rd Resistance Point 2,455
2nd Resistance Point 2,437
1st Resistance Point 2,425
Last Price 2,414s
1st Support Level 2,395
2nd Support Level 2,377
3rd Support Level 2,365

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52-Week High 2,418
Last Price 2,414s
Fibonacci 61.8% 2,157
Fibonacci 50% 2,077
Fibonacci 38.2% 1,997
52-Week Low 1,736

See More

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