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Rich Asplund

Cocoa Prices Close Sharply Higher on Recovery After Monday's Plunge

Ice Ivory Coast Ghana ICCO London NY

July ICE NY cocoa (CCN24) on Wednesday closed up +521 (+7.12%), and July ICE London cocoa #7 (CAN24) closed up +405 (+6.59%).

Cocoa prices on Wednesday settled sharply higher on ideas that this week's price plunge was overdone. Price moves in cocoa have been amplified by a lack of liquidity, with open interest in cocoa futures near the lowest in over a decade. Last Friday's weekly Commitment of Traders (COT) report showed long-only positions in NY cocoa futures in the week ending May 7 fell to a four-year low, and short-only positions fell to the lowest in more than nine years.

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