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Barchart
Rich Asplund

Cocoa Prices Recover Some of Monday's Plunge

Ice Ivory Coast Ghana ICCO NY

July ICE NY cocoa (CCN24) this morning is up +187 (+2.61%), and July ICE London cocoa #7 (CAN24) is up +224 (+3.73%).

Cocoa prices this morning are moderately higher, recovering some of Monday's plunge.   Price moves in cocoa have been amplified by a lack of liquidity, with open interest in cocoa futures near the lowest in over a decade.  Last Friday's weekly Commitment of Traders (COT) report showed long-only positions in NY cocoa futures in the week ending May 7 fell to a four-year low, and short-only positions fell to the lowest in more than nine years.

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