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Cocoa #7 Jul '24 (CAN24)

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Cocoa #7 Futures Market News and Commentary

Cocoa Prices Supported by West African Crop Concerns

July ICE NY cocoa (CCN24) on Friday closed up +185 (+2.28%), and July ICE London cocoa #7 (CAN24) closed up +167 (+2.51%).

Cocoa prices Friday added to Thursday's sharp gains and posted 1-1/2 week highs.  Since posting 2-1/2 month lows on Monday, cocoa prices have recovered after the Hightower Report warned that West African cocoa farmers' lack of fertilizer and pesticide use will hurt cocoa production during the 2024/25 season.

Also, lower cocoa production in the Ivory Coast, the world's largest producer, is a major bullish factor for cocoa prices.  Government data Tuesday showed that Ivory Coast farmers shipped 1.43 MMT of cocoa to ports from October 1 to May 19, down by 30% from the same time last year.  Trader Ecom Agroindustrial projects Ivory Coast 2023/24 cocoa production, which ends in September, will fall -21.5% y/y to an 8-year low of 1.75 MMT.  

Another bullish factor for cocoa is dwindling inventories, as ICE-monitored cocoa inventories held in US ports... 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 (51 days)

Seasonal Chart

Cocoa #7 Jul '24
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
5,659 +20.50%
on 05/20/24
9,741 -30.00%
on 04/25/24
-2,668 (-28.12%)
since 04/24/24
3-Month
4,700 +45.09%
on 02/29/24
9,980 -31.67%
on 04/19/24
+1,839 (+36.93%)
since 02/23/24
52-Week
2,147 +217.61%
on 05/25/23
9,980 -31.67%
on 04/19/24
+4,662 (+216.13%)
since 05/24/23

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Cocoa Prices Supported by West African Crop Concerns

July ICE NY cocoa (CCN24 ) on Friday closed up +185 (+2.28%), and July ICE London cocoa #7 (CAN24 ) closed up +167 (+2.51%). Cocoa prices Friday added to Thursday's sharp gains and posted 1-1/2 week highs....

CCN24 : 8,294s (+2.28%)
CAU24 : 6,385s (+1.69%)
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Cocoa Prices Climb on Concerns About West African Crop Production

July ICE NY cocoa (CCN24 ) today is up +148 (+1.83%), and July ICE London cocoa #7 (CAN24 ) is up +141 (+2.12%). Cocoa prices today extended Thursday's sharp rally to new 1-1/2 week highs. Since posting...

CCN24 : 8,294s (+2.28%)
CAU24 : 6,385s (+1.69%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 7,330
2nd Resistance Point 7,105
1st Resistance Point 6,962
Last Price 6,819s
1st Support Level 6,594
2nd Support Level 6,369
3rd Support Level 6,226

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52-Week High 9,980
Fibonacci 61.8% 6,988
Last Price 6,819s
Fibonacci 50% 6,064
Fibonacci 38.2% 5,139
52-Week Low 2,147

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