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Barchart
Barchart
Rich Asplund

Cocoa Soars to a New Record High on Resilient Global Cocoa Demand

Ice Ivory Coast ICCO London

May ICE NY cocoa (CCK24) on Friday closed up +567 (+5.01%), and May ICE London cocoa #7 (CAK24) closed up +457 (+4.72%).

Cocoa prices settled sharply higher on Friday as they continued their historical rally to new all-time highs.  Cocoa prices are soaring on signs that global cocoa demand remains resilient despite record-high prices.  The National Confectioners Association reported Thursday that North American Q1 cocoa grindings rose +9.3% q/q and +3.7 % y/y to 113,683 MT.  Also, on Thursday, the Cocoa Association of Asia reported that Q1 Asia cocoa grindings rose +5.1% q/q, although they fell -0.2% y/y to 221,530 MT.  In addition, 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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