
December ICE NY cocoa (CCZ24) today is up +16 (+0.21%), and December ICE London cocoa #7 (CAZ24) is up +71 (+1.23%).
Cocoa prices today recovered from early losses and are moderately higher. Short covering emerged in cocoa futures after today's Q3 cocoa grindings ( a gauge of demand) for Asia and Europe were not as weak as feared, easing concerns that high cocoa prices would curb demand. The Cocoa Association of Asia reported Q3 Asian cocoa grinding rose +2.6% y/y to 216,998 MT. Also, the European Cocoa Association reported that European Q3 cocoa grindings fell -3.3% y/y to 354,335 MT.