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Barchart
Rich Asplund

Cocoa Prices Finish Sharply Higher on Strong European Cocoa Demand

Ice Ghana ICCO Ivory Coast the European Cocoa Association London NY the Ivory Coast

September ICE NY cocoa (CCU24) on Thursday closed up +519 (+6.43%), and September ICE London cocoa #7 (CAU24) closed up +347 (+5.19%).

Cocoa prices Thursday rallied sharply to 2-week highs.  Signs of strong cocoa demand, despite record-high prices, are propelling cocoa prices higher.  The European Cocoa Association reported Thursday that Q2 European cocoa grindings unexpectedly rose +4.1% y/y to 357,502 MT, versus expectations of a -2% y/y decline.  London cocoa Thursday failed to rally as sharply as NY cocoa after the British pound (^GBPUSD) rallied to an 11-1/2 month high.  The stronger pound undercuts cocoa priced in terms of sterling.

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