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Barchart
Barchart
Rich Asplund

Cocoa Prices Consolidate Below Recent Record Highs

Ice Ivory Coast

May ICE NY cocoa (CCK24) on Wednesday closed up +97 (+0.95%), and May ICE London cocoa #7 (CAK24) closed up +195 (+2.26%).

Cocoa prices posted moderate gains Wednesday as they consolidated below this week's record highs.  Cocoa prices sold off sharply Tuesday on concern about global demand destruction from record-high prices.  Q1 grinding reports are expected this week from Asia, Europe, and North America, and speculation has increased that the reports will show that record-high prices are starting to crush cocoa demand.  

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