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Barchart
Barchart
Rich Asplund

UNBELIEVABLE: Cocoa prices plummet as the downside correction continues - The Untold Story

Ice Ivory Coast ICCO

July ICE NY cocoa (CCN24) on Thursday closed down -721 (-8.70%), and July ICE London cocoa #7 (CAN24) closed down -695 (-9.59%).

Cocoa prices plummeted to 6-week lows on Thursday as the downside correction in prices from recent record highs continues.  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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