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Barchart
Rich Asplund

Cocoa Prices Finish Sharply Higher on Resilient Global Cocoa Demand

Ice Ivory Coast ICCO London

May ICE NY cocoa (CCK24) on Thursday closed up +971 (+9.39%), and May ICE London cocoa #7 (CAK24) closed up +839 (+9.49%).

Cocoa prices Thursday catapulted sharply higher to new all-time highs.  Cocoa prices surged Thursday on signs that global cocoa demand remains resilient despite record-high prices.  The Cocoa Association of Asia reported Thursday that Q1 Asia cocoa grindings rose +5.1% q/q, although they fell -0.2% y/y to 221,530 MT.  Also, the European Cocoa Association reported that Q1 European cocoa grindings rose +4.7% q/q, although they fell -2.2% y/y to 367,287 MT.

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