Cocoa futures (COCOA) are rising nearly 4% today on the ICE exchange. The momentum, fueled by supportive data from Europe and Asia, continues. Last Thursday, cocoa prices surged sharply in response to the first signs of stronger-than-expected global demand. Since then, momentum has pointed to renewed bullish activity, with prices briefly testing the $8,800 per ton level today.
Data released on April 17 regarding Q1 cocoa processing in Europe showed a year-over-year decline of 3.7% to 353,000 tons. The drop turned out to be smaller than the market’s expected 5% y/y decrease. This indicates that higher prices have not caused a significant 'demand destruction.'
In Asia, grindings declined by 3.4% y/y to nearly 214,000 tons—again, a smaller drop than the anticipated 5% y/y. These reports could also indirectly support sentiment around shares of U.S. chocolate manufacturer Hershey (HSY.US), which are up nearly 1.5% in pre-market trading today.
COCOA (H1 interval)
Source: xStation5
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