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Barchart
Barchart
Rich Asplund

Signs of Resilient Demand Lift Cocoa Prices

March ICE NY cocoa (CCH26) on Friday closed up +110 (+2.22%).  March ICE London cocoa #7 (CAH26) closed up +62 (+1.70%).

Cocoa prices moved higher on Friday as a smaller-than-expected decline in Asian cocoa grindings sparked short covering in cocoa futures.  The Cocoa Association of Asia on Friday reported that Q4 Asian cocoa grindings fell -4.8% y/y to 197,022 MT, a smaller decline than expectations of -12% y/y.  Also, Q4 North American cocoa grindings rose +0.3% y/y to 103,117 MT, slightly better than expectations of no change.

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