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Rich Asplund

BIZARRE: Cocoa prices close higher on tighter us supplies - What They Never Told You

Ice United States Ivory Coast ICCO Ghana NY

September ICE NY cocoa (CCU24) on Friday closed up +144 (+1.87%), and September ICE London cocoa #7 (CAU24) closed up +292 (+4.67%).

Cocoa prices Friday closed higher on tighter US cocoa supplies.   ICE-monitored cocoa inventories held in US ports fell to a 3-1/2 year low Wednesday of 3,161,3717 bags.  Also, Friday's slide in the dollar (DXY00) to a 3-week low supports most commodities, including cocoa.  The price movement in cocoa remains highly volatile, and little news can move prices substantially.  Large margin requirements have forced traders to reduce their cocoa positions, which leads to thin trading conditions and excessive volatility.  Aggregate open interest in cocoa futures is now near the lowest since 2010.

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