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Rich Asplund

Cocoa Prices Settle Sharply Lower as Chocolate Demand Craters

Ice Jeffries Ghana ICCO NY

December ICE NY cocoa (CCZ24) Tuesday closed down -683 (-8.84%), and December ICE London cocoa #7 (CAZ24) closed down -135 (-2.58%).

Cocoa prices Tuesday plummeted for a second day and posted 3-1/2 week lows. Concern about weak chocolate demand hammered cocoa prices after Jeffries warned that chocolate sales are "notably underperforming" other snacking categories due to elevated prices, prompting consumers to switch to cheaper snacks.

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