
December ICE NY cocoa (CCZ24) Thursday closed up +6 (+0.08%), and December ICE London cocoa #7 (CAZ24) closed up +71 (+1.23%).
Cocoa prices recovered from early losses on Thursday and posted moderate gains. Short covering emerged in cocoa futures Thursday after Q3 cocoa grindings for Asia and Europe were not as weak as feared, easing concerns that high cocoa prices would curb demand. The Cocoa Association of Asia reported Q3 Asian cocoa grinding rose +2.6% y/y to 216,998 MT. Also, the European Cocoa Association reported that European Q3 cocoa grindings fell -3.3% y/y to 354,335 MT.