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Barchart
Rich Asplund

YOU WONT BELIEVE: Cocoa prices push higher on tight supplies - You Need To See This

Ice United States Ivory Coast ICCO Ghana NY

September ICE NY cocoa (CCU24) today is up +140 (+1.82%), and September ICE London cocoa #7 (CAU24) is up +292 (+4.67%).

Cocoa prices today are sharply higher as US cocoa supplies tighten.   ICE-monitored cocoa inventories held in US ports fell to a 3-1/2 year low Wednesday of 3,161,3717 bags.  Also, today'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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