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Barchart
Barchart
Rich Asplund

Cocoa Prices Surge as Global Cocoa Demand Remaina Resilient

Ice Ivory Coast ICCO London

May ICE NY cocoa (CCK24) this morning is up +930 (+8.99%), and May ICE London cocoa #7 (CAK24) is up +898 (+10.16%).

Cocoa prices this morning catapulted sharply higher to new all-time highs.   Cocoa prices surged today on signs that global cocoa demand remains resilient despite record-high prices.  The Cocoa Association of Asia reported today that Q1 Asia cocoa grindings rose +5.1% q/q although they fell -0.2% y/y to 221,530 MT.  Also,  the European Cocoa Association reported that Q1 European cocoa grindings rose +4.7% q/q although they fell -2.2% y/y to 367,287 MT.

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