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Barchart
Barchart
Rich Asplund

Fund Liquidation in Thin Holiday Markets Hammers Cocoa Prices

Ice London Cocoa NY Cocoa Ghana ICCO Ivory Coast London

March ICE NY cocoa (CCH25) today is down -905 (-8.21%), and March ICE London cocoa #7 (CAH25) is down -994 (-10.88%).

Cocoa prices today extended this week's sharp selloff to 2-1/2 week lows.  Long liquidation by funds and profit-taking is hammering cocoa prices in thin year-end holiday trading.  News of continued high cocoa shipments by farmers in the Ivory Coast, the world's largest producer, has sparked selling in cocoa futures.  Government data Monday showed that Ivory Coast farmers shipped 970,945 MT of cocoa to ports from October 1 to December 15, up +30% from 744,967 MT shipped the same time last year.

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