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Cocoa #7 Jul '24 (CAN24)

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Cocoa #7 Futures Market News and Commentary

Cocoa Prices Settle Higher on a Decline in Ivory Coast Cocoa Output

July ICE NY cocoa (CCN24) on Tuesday closed up +279 (+2.89%), and July ICE London cocoa #7 (CAN24) closed up +65 (+0.77%).

Cocoa prices on Tuesday settled moderately higher.  Lower cocoa production in the Ivory Coast, the world's largest producer, is a bullish price factor.  Government data Tuesday showed that Ivory Coast farmers shipped 1.56 MMT of cocoa to ports from October 1 to June 16, down by 29% from the same time last year.  Trader Ecom Agroindustrial projects Ivory Coast 2023/24 cocoa production, which ends in September, will fall -21.5% y/y to an 8-year low of 1.75 MMT.  

On the negative side of cocoa prices is the recent projection from Ghana's cocoa regulator that Ghana's 2024/25 cocoa production will rebound to 700,000 MT from 425,00 MT in 2023/24 as improved weather conditions boost cocoa yields.  Ghana's 2024/25 cocoa harvest begins in October.

Last Thursday, cocoa prices rallied to 1-1/2 month highs on concerns that the global cocoa shortage will pe... Read more

Contract Specifications

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Contract
Cocoa #7
Contract Size
10 metric tonnes
Tick Size
GBP 1 per metric tonne (GBP 10.00 per contract)
Trading Hours
9:30a.m. - 4:50p.m. GMT
Exchange
ICE/EU
Point Value
GBP 10
Expiration Date
07/16/24 (27 days)

Seasonal Chart

Cocoa #7 Jul '24
Average Price Chart for 5 Prior Jul Contracts
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
5,659 +50.82%
on 05/20/24
9,150 -6.72%
on 06/13/24
+2,414 (+39.44%)
since 05/17/24
3-Month
5,659 +50.82%
on 05/20/24
9,980 -14.48%
on 04/19/24
+2,474 (+40.82%)
since 03/19/24
52-Week
2,300 +271.09%
on 07/14/23
9,980 -14.48%
on 04/19/24
+6,224 (+269.32%)
since 06/19/23

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Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Average Signal Strength.

Key Turning Points

3rd Resistance Point 8,978
2nd Resistance Point 8,790
1st Resistance Point 8,637
Last Price 8,535
1st Support Level 8,296
2nd Support Level 8,108
3rd Support Level 7,955

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52-Week High 9,980
Last Price 8,535
Fibonacci 61.8% 7,046
Fibonacci 50% 6,140
Fibonacci 38.2% 5,234
52-Week Low 2,300

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