Cocoa Futures Market News and Commentary
March ICE NY cocoa (CCH22) on Thursday closed up +3 (+0.11%), and March ICE London cocoa #7 (CAH22) closed down -6 (-0.34%).
Cocoa prices on Thursday settled mixed with NY cocoa climbing to a 3-1/4 month high. Signs of strength in global cocoa demand is pushing prices higher after the European Cocoa Association on Wednesday reported Q4 European cocoa processing rose +6.3% y/y to 365,826 MT, stronger than expectations of +6.0% y/y. Total 2021 European cocoa processing rose +6.1% y/y to 1.46 MMT, the highest since 1999. London cocoa gave up early gains Thursday and closed lower on concern a worsening pandemic in Europe may lead to travel restrictions that may curb chocolate demand. Germany on Thursday reported a record 133,536 new Covid infections.
Cocoa prices were already on the upswing on signs of stronger demand amid smaller supplies. The Cocoa Association of Asia last Friday reported Asia Q4 cocoa grindings rose +6.3% y/y to 231,309 MT, stronger than expectation... Read more