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Rich Asplund

Cocoa Prices Plunge on Fund Liquidation in Thin Holiday Markets

Ice London Cocoa NY Cocoa Ghana ICCO Ivory Coast

March ICE NY cocoa (CCH25) Friday closed down -903 (-8.19%), and March ICE London cocoa #7 (CAH25) closed down -1,017 (-11.13%).

Cocoa prices Friday extended this week's sharp selloff to 2-1/2 week lows.  Long liquidation and profit-taking by funds hammered cocoa prices in thin year-end holiday trading.  News of continued high cocoa shipments by farmers in the Ivory Coast, the world's largest producer, has sparked selling in cocoa futures.  Government data Monday showed that Ivory Coast farmers shipped 970,945 MT of cocoa to ports from October 1 to December 15, up +30% from 744,967 MT shipped the same time last year.

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