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Barchart
Barchart
Rich Asplund

Long Liquidation Pushes Cocoa Prices Lower

Ice ICCO United States London NY Ivory Coast

May ICE NY cocoa (CCK23) on Wednesday closed down -31 (-1.04%), and May ICE London cocoa #7 (CAK23) closed down -30 (-1.37%).

Cocoa prices Wednesday erased early gains and retreated as an increase in ICE inventories sparked long liquidation pressures in cocoa futures.  On Tuesday, ICE-monitored cocoa inventories held in U.S. port warehouses rose to a 2-3/4 month high of 5,378,096 bags.

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