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Cocoa #7 Jul '24 (CAN24)

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Cocoa #7 Futures Market News and Commentary

Cocoa Prices Settle Sharply Lower on Long Liquidation Pressures

July ICE NY cocoa (CCN24) on Monday closed down -1,663 (-15.70%), and May ICE London cocoa #7 (CAK24) closed down -1,249 (-13.23%).

Cocoa prices Monday plummeted, with NY cocoa posting a 3-week low and London cocoa falling to a 2-1/2 week low.  Cocoa prices fell sharply lower Monday as higher margin calls fueled long liquidation in cocoa futures.  Also, cocoa has a negative carryover from last Thursday when Nigeria, the world's fifth largest cocoa producer, reported that its March cocoa exports rose +19% y/y to 22,199 MT.

Cocoa prices have underlying support from the outlook for tight global cocoa supplies.  Recent volatility in cocoa prices has made it more expensive to maintain positions in cocoa futures as margins have sharply increased, prompting traders to close out trades, which drains liquidity and makes the market more vulnerable to large price swings.  

Cocoa prices have seen an extraordinary rally this year to all-time highs on April 19 on supply concerns... 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
07/16/24 (78 days)

Seasonal Chart

Cocoa #7 Jul '24
Average Price Chart for 5 Prior Jul Contracts
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
7,203 +6.59%
on 04/04/24
9,980 -23.07%
on 04/19/24
-47 (-0.61%)
since 03/28/24
3-Month
3,634 +111.28%
on 01/30/24
9,980 -23.07%
on 04/19/24
+4,039 (+110.99%)
since 01/29/24
52-Week
2,049 +274.72%
on 05/04/23
9,980 -23.07%
on 04/19/24
+5,609 (+271.10%)
since 04/28/23

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May NY world sugar #11 (SBK24 ) on Monday closed up +0.80 (+4.12%), and Aug London ICE white sugar #5 (SWQ24 ) closed up +10.10 (+1.79%). Sugar prices Monday rallied sharply, with NY sugar posting a 2-week...

SBN24 : 19.78s (+3.61%)
SWQ24 : 573.80s (+1.79%)
^USDBRL : 5.11840 (-0.02%)
Cocoa Prices Settle Sharply Lower on Long Liquidation Pressures

July ICE NY cocoa (CCN24 ) on Monday closed down -1,663 (-15.70%), and May ICE London cocoa #7 (CAK24 ) closed down -1,249 (-13.23%). Cocoa prices Monday plummeted, with NY cocoa posting a 3-week low and...

CCN24 : 8,931s (-15.70%)
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Dryness in Brazil and a Stronger Brazilian Real Pushes Coffee Prices Higher

July arabica coffee (KCN24 ) on Monday closed up +3.50 (+1.56%), and July ICE robusta coffee (RMN24 ) closed up +13 (+0.31%). Coffee prices on Monday closed moderately higher. Dryness in Brazil that could...

KCN24 : 227.50s (+1.56%)
RMN24 : 4,164s (+0.31%)
^USDBRL : 5.11840 (-0.02%)
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Cocoa Prices Plunge as Higher Margin Calls Spark Long Liquidation

July ICE NY cocoa (CCN24 ) this morning is down -1,723 (-16.26%), and May ICE London cocoa #7 (CAK24 ) is down -1,249 (-13.23%). Cocoa prices this morning are sinking, with NY cocoa plunging to a 3-week...

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Dryness in Brazil and Strength in the Brazilian Real Supports Coffee Prices

July arabica coffee (KCN24 ) this morning is up +2.60 (+1.16%), and July ICE robusta coffee (RMN24 ) is up +9 (+0.22%). Coffee prices this morning are moderately higher. Dryness in Brazil that could reduce...

KCN24 : 227.50s (+1.56%)
RMN24 : 4,164s (+0.31%)
^USDBRL : 5.11840 (-0.02%)
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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 10,101
2nd Resistance Point 9,551
1st Resistance Point 8,614
Last Price 7,678s
1st Support Level 7,127
2nd Support Level 6,577
3rd Support Level 5,640

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52-Week High 9,980
Last Price 7,678s
Fibonacci 61.8% 6,950
Fibonacci 50% 6,015
Fibonacci 38.2% 5,079
52-Week Low 2,049

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