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Barchart
Barchart
Rich Asplund

Cocoa Prices Close Sharply Lower as Cocoa Buyers Delay Purchases

Ice Ivory Coast ICCO

July ICE NY cocoa (CCN24) on Wednesday closed down -999 (-10.76%), and July ICE London cocoa #7 (CAN24) closed down -679 (-8.56%).

Cocoa prices Wednesday closed sharply lower.  Due to record-high prices, many traders and chocolate companies are delaying purchases of cocoa beans for the next season.  Also, 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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