July ICE NY cocoa (CCN26) today is down -218 (-5.50%), and July ICE London cocoa #7 (CAN26) is down -116 (-3.85%). Cocoa prices extended this week’s sharp losses, with NY cocoa falling to a 2-week low and London cocoa falling to a 1.5-week low. Losses in London cocoa are limited today after the British pound (^GBPUSD) fell to a 2.5-week low, boosting cocoa priced in terms of sterling.
Chocolate demand concerns are weighing on cocoa prices after Barry Callebaut, the world’s seventh-largest chocolate maker by revenue, provided updated guidance this week that suggests a slower recovery in sales volumes than previously assumed.
