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Barchart
Barchart
Rich Asplund

Ample Ivory Coast Supplies Weigh on Cocoa Prices

Ice Ivory Coast London NY StoneX

September ICE NY cocoa (CCU26) on Tuesday closed down -36 (-0.62%), and September ICE London cocoa #7 (CAU26) closed down -21 (-0.48%).

Cocoa prices moved lower on Tuesday for a third session, amid negative carryover from last Friday, when Ivory Coast delivery news eased supply concerns. The cocoa market is looking to Q2 quarterly cocoa grindings data from Asia, Europe, and North America later this week for clues on demand recovery. European Q2 grindings are expected to fall -1.5% y/y and North American grindings are expected to fall -1% y/y. However, Asian Q2 cocoa grindings are expected to jump +9% y/y, building on a Q1 recovery.

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