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Barchart
Barchart
Rich Asplund

Cocoa Prices Sink as Weak Global Demand May Boost Surpluses

Ice United States ICCO London NY European Union the International Cocoa Organization

March ICE NY cocoa (CCH26) on Tuesday closed down -428 (-8.43%).  March ICE London cocoa #7 (CAH26) closed down -302 (-8.28%).

Cocoa prices plunged on Tuesday, with NY cocoa posting a 2-year nearest-futures low and London cocoa posting a 2.25-year nearest-futures low.  Cocoa prices are falling due to concerns that weak global cocoa demand will lead to larger cocoa surpluses.  Last week's cocoa grinding data from Europe has dampened hopes of a near-term recovery in cocoa demand.

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