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Barchart
Barchart
Rich Asplund

Cocoa Prices Sink in Illiquid Trading

Ice Ivory Coast ICCO NY United Kingdom

July ICE NY cocoa (CCN24) this morning is down -540 (-6.63%), and July ICE London cocoa #7 (CAN24) is not trading today, with markets in the UK closed for the May Day holiday.

Cocoa prices this morning are sharply lower in illiquid trading conditions as open interest in NY cocoa futures continues to decline.  Last Friday's weekly Commitment of Traders (COT) report showed that total long-only positions in cocoa futures sank to the lowest in more than three years in the week ended April 23, and short-only positions fell to the lowest in over seven years.

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