July ICE NY cocoa (CCN26) today is down -129 (-3.17%), and July ICE London cocoa #7 (CAN26) is down -83 (-2.69%). Chocolate demand concerns are weighing on cocoa prices after Barry Callebaut, the world’s seventh largest chocolate maker by revenue, provided updated guidance this week that suggests a slower recovery in sales volumes than previously assumed.
Cocoa prices are also under pressure from rising inventories. ICE cocoa inventories rose to a 1.75-year high of 2,913,278 bags on Wednesday.
