
May ICE NY cocoa (CCK26) on Tuesday closed up +279 (+8.51%), and May ICE London cocoa #7 (CAK26) is up +161 (+6.57%).
Cocoa prices rallied sharply on Tuesday to 1.75-month highs on hopes that the recent plunge in prices sparked a rebound in cocoa demand. On Tuesday, Malaysia reported that Q1 cocoa grindings rose by +8.7% y/y to 91,946 MT. Q1 European, Asian, and North American cocoa grindings will be reported later this week. Tuesday's fall in the dollar index ($DXY) to a 6-week low is also supportive for cocoa prices.