July ICE NY cocoa (CCN24) on Tuesday closed up +156 (+2.18%), and July ICE London cocoa #7 (CAN24) closed up +149 (+2.48%).
Cocoa prices posted moderate gains on Tuesday as they recovered some of Monday's plunge. Price moves in cocoa have been amplified by a lack of liquidity, with open interest in cocoa futures near the lowest in over a decade. Last Friday's weekly Commitment of Traders (COT) report showed long-only positions in NY cocoa futures in the week ending May 7 fell to a four-year low, and short-only positions fell to the lowest in more than nine years.
