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Barchart
Barchart
Rich Asplund

Weak Global Cocoa Demand Prospects Weigh on Prices

Ice ICCO NY European Union the International Cocoa Organization

March ICE NY cocoa (CCH26) today is down -150 (-2.87%).  March ICE London cocoa #7 (CAH26) is down -96 (-2.51%).

Cocoa prices extended this week's slide today, falling to 7-week lows.   Expectations of weak global cocoa demand are pressuring prices.  Q4 cocoa grinding figures will be released this week and are expected to show continued stagnant cocoa demand.  The consensus is that Q4 European cocoa grindings fell -2.9% y/y to the lowest for a fourth quarter in 11 years.  Also, Asian Q4 cocoa grindings are expected to fall -12% y/y to a 10-year low.

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