December ICE NY cocoa (CCZ26) closed up +96 (+1.67%) on Thursday, and December ICE London cocoa #7 (CAZ26) closed up +45 (+1.04%).
Cocoa prices settled higher on Thursday amid signs of stronger global cocoa demand. The Cocoa Association of Asia reported Thursday that Q3 Asian cocoa grindings rose by a record +29% y/y to 233,767 MT, well above expectations of +15% y/y. The European Cocoa Association also reported that Q3 European cocoa grindings unexpectedly rose +3.2% to 348,215 MT, versus expectations of a -3.9% y/y decline.