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Barchart
Barchart
Rich Asplund

Cocoa Prices See Some Long Liquidation Pressure

Ice ICCO NY European Union the International Cocoa Organization

March ICE NY cocoa (CCH26) today is down -8 (-0.13%).  March ICE London cocoa #7 (CAH26) closed down -87 (-2.02%) on Wednesday, and the market remained closed on Friday as part of the Christmas holiday.

NY cocoa prices today are slightly lower on some pre-weekend long liquidation pressure after the gains seen earlier this week.  However, cocoa prices have underlying support from expectations for index-related buying tied to the addition of cocoa futures to the Bloomberg Commodity Index (BCOM) starting in January.  According to Citigroup, the inclusion of cocoa in the BCOM may lure as much as $2 billion of buying of NY cocoa futures.

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