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Barchart
Barchart
Rich Asplund

Cocoa Closes Sharply Higher as Prices Recover Some of Last Week's Plunge

Ice Ivory Coast ICCO NY

July ICE NY cocoa (CCN24) on Tuesday closed up +1,022 (+13.47%), and July ICE London cocoa #7 (CAN24) closed up +579 (+8.41%).

Cocoa prices rallied sharply on Tuesday as they recovered from some of last week's sharp decline.  Extreme volatility in cocoa prices has gripped the market since prices soared to an all-time high last month.  The 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.  

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