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Barchart
Barchart
Rich Asplund

Cocoa Prices Settled Mixed as Technical Selling Undercuts NY Cocoa

Ice NY ICCO

May ICE NY cocoa (CCK24) on Tuesday closed down -102 (-1.56%), and Mar ICE London cocoa #7 (CAH24) closed up +35 (+0.60%).

Cocoa prices on Tuesday settled mixed, with Mar London cocoa posting an all-time nearest-futures high.  NY cocoa fell back from Monday's record high as overbought conditions in NY cocoa sparked some technical selling and long liquidation pressures.  The downside in cocoa appears limited in the near term as concerns about global cocoa production and widening global cocoa deficits have sparked panic buying of cocoa futures.

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