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Rich Asplund

MYSTERIOUS: Cocoa prices extend their sharp downside correction - You Need To See This

Ice Ivory Coast ICCO

July ICE NY cocoa (CCN24) this morning is down -490 (-5.92%), and July ICE London cocoa #7 (CAN24) is down -486 (-6.70%).

Cocoa prices today extended this week's sharp sell-off to 6-week lows as prices continue their downside correction from recent record highs. Due to record-high prices, many commercial firms and chocolate companies are delaying purchases of cocoa beans for the next season, pressuring prices. Also, recent volatility in cocoa prices has made it more expensive to maintain positions in cocoa futures as margins have sharply increased, prompting traders to close out trades, which drains liquidity and makes the market more vulnerable to large price swings.

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