“Cocoa futures fell as the market awaited fourth-quarter cocoa bean grinding data from key consumer regions to gauge demand amid record high prices. ”, — write: epravda.com.ua
Cocoa futures fell as the market awaited fourth-quarter cocoa bean grinding data from key consumer regions to gauge demand amid record high prices, according to Bloomberg. The most active contract in New York fell by 1.8%. Traders are keeping a close eye on so-called cocoa grinding, when cocoa is turned into oil and powder that goes into products from chocolate bars to ice cream, for clues. Data for Europe, Asia and North America will be published on Thursday. The data is expected to be mixed again, according to analysts at the financial company StoneX Group Inc. Rafael Borges and Lucca Besson in their note.Advertisement: “However, if the numbers show a sharper drop in grind volumes, the market could interpret this as an indication that major consumer markets are beginning to reduce the use of cocoa products, especially cocoa butter,” – write Borges and Besson. Data from Brazil released earlier this week showed that processing fell by 5.5% in the fourth quarter of 2024. Also read: Chocolates are getting more expensive and smaller. Why is the world running out of cocoa?”Advertisement:Recall:Cocoa prices fell to their lowest in more than a week as traders reassessed their positions after the Intercontinental Exchange Inc. took steps to tame market volatility.Cocoa beans became the most profitable among major commodities in 2024, surpassing even Bitcoin and the US stock market.Cocoa futures hit the highest level since in April due to the forecast of a crop failure in West Africa and historically low stocks.