December ICE NY cocoa (CCZ25) today is up +218 (+3.75%), and December ICE London cocoa #7 (CAZ25) is up +141 (+3.45%).
Cocoa prices are sharply higher today and posted 1-week highs on signs that an expected decline in global cocoa demand may not be as bad as initially feared. The European Cocoa Association reported today 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 as the -4.8% y/y decline was not as bad as some estimates of a fall of -10% y/y.
