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Barchart
Barchart
Rich Asplund

Cocoa Prices Sink on Concern About Demand Destruction from Record High Prices

Ice London Ivory Coast ICCO

May ICE NY cocoa (CCK24) this morning is down -744 (-6.76%), and May ICE London cocoa #7 (CAK24) is down -559 (-6.09%).

Cocoa prices this morning are sharply lower, with London cocoa falling back from a new record high.  Long liquidation pressure emerged today on concerns about global demand destruction from record-high prices.   Q1 grinding reports are expected this week from Asia, Europe, and North America, and speculation has increased that the reports will show that record-high prices are starting to crush cocoa demand.  

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