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Rich Asplund

Hedging by Cocoa Exporters Sends Cocoa Prices Plummeting

Ice ICCO London NY European Union the International Cocoa Organization

March ICE NY cocoa (CCH26) on Friday closed down -732 (-12.05%). March ICE London cocoa #7 (CAH26) closed down -452 (-10.35%).

Cocoa prices plummeted on Friday, with NY cocoa sinking to a 6-week low and London cocoa sliding to a 1-month low. Cocoa prices fell sharply on Friday as exporters took advantage of Thursday's rally to a 1-week high to lock in more favorable prices, placing short hedges in cocoa futures ahead of the upcoming West African cocoa harvest. Selling of cocoa futures intensified on Friday after the dollar index (DXY00) rallied to a 4-week high.

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