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Barchart
Barchart
Rich Asplund

Cocoa Demand Optimism Sparks a Rally in Cocoa Prices

Ice Ivory Coast NY Ghana ICCO London Malaysia

May ICE NY cocoa (CCK26) today is up +267 (+8.15%), and May ICE London cocoa #7 (CAK26) is up +159 (+6.49%).

Cocoa prices are surging today and posted 1.75-month highs on hopes that the recent plunge in prices sparked a rebound in cocoa demand.  Malaysia today reported that Q1 cocoa grindings rose by +8.7% y/y to 91,946 MT.  Q1 European, Asian, and North American cocoa grindings will be reported later this week.  Today's fall in the dollar index ($DXY) to a 6-week low is also supportive for cocoa prices.

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