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Barchart
Barchart
Rich Asplund

Cocoa Prices Extend 1-1/2 Week Rally on Report of Large Export Purchases

May ICE NY cocoa (CCK26) on Tuesday closed up +158 (+4.80%), and May ICE London cocoa #7 (CAK26) closed up +121 (+5.12%).

NY cocoa prices on Tuesday closed sharply higher as the 1.5-week-long rally continued.  Cocoa prices jumped sharply on Tuesday after Reuters reported that local grinders bought more than 400,000 metric tons of Ivory Coast cocoa export contracts in the 10 days since purchases resumed for the mid-year crop.  That suggested that new demand is emerging in the wake of recent cocoa price cuts.

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