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Rich Asplund

Cocoa Prices Retreat on Weak Asian Demand

Ice Asia London NY ICCO

Sep ICE NY cocoa (CCU23) on Thursday closed -45 (-1.31%), and Sep ICE London cocoa #7 (CAU23) closed -21 (-0.81%).

Cocoa prices Thursday posted moderate losses on signs of weakness in global demand.  The Cocoa Association of Asia reported Thursday that Asia Q2 cocoa grindings fell -3.6% q/q and -6.5% y/y to 213,977 MT.   Last Thursday, the European Cocoa Association reported that European Q2 cocoa processing fell -8.5% q/q and -5.7% y/y to a 2-year low of 343,283 MT.  In addition, Barry Callebaut, the world's biggest chocolate maker, reported that its sales volume fell -2.7% in the first nine months of the fiscal year ending May 31 as higher prices hurt sales.  

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