December ICE NY cocoa (CCZ25) on Thursday closed up +182 (+3.13%), and December ICE London cocoa #7 (CAZ25) closed up +107 (+2.62%).
Cocoa prices rose to 1-week highs on Thursday and settled sharply higher on signs that an expected decline in global cocoa demand may not be as bad as initially feared. On Thursday, the European Cocoa Association reported that Q3 European cocoa grindings fell -4.8% y/y to 337,353 MT, the lowest for a third quarter in 10 years. However, cocoa prices rallied on the news as the -4.8% y/y decline was not as severe as some estimates of a -10% y/y fall.
