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Barchart
Barchart
Rich Asplund

Strength in Global Demand Pushes Cocoa Prices Sharply Higher

Ice United States ICCO London NY Europe Ghana Hershey Ivory Coast Mondelez

May ICE NY cocoa (CCK25) Thursday closed up +269 (+3.32%), and May ICE London cocoa #7 (CAK25) closed up +241 (+4.13%).

Cocoa prices on Thursday posted sharp gains on signs of better-than-expected global cocoa demand.  Q1 European cocoa grindings fell -3.7% y/y to 353,522 MT, a smaller decline than expectations for a -5% y/y drop.  Also, Q1 Asian cocoa grinding fell -3.4% y/y to 213,898 MT, a smaller decline than expectations for a fall of at least -5% y/y.

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