OVERVIEW Cocoa was largely rangebound through August before a strong rally over the final two to three sessions. December London settled at £4,859, up £794 on the month, and December New York at $6,771, up $1,235. The move brought the first real interest from managed money on the long side......
OVERVIEW July saw the market break sharply higher to new highs before retracing the entire move, September London settling at £4,011 and September New York at $5,397, higher on the month but well below the highs of the 9th. The move up was driven by managed money short covering rather......
OVERVIEW June saw a strong rally in cocoa, the market breaking through May’s highs as poor pod counts in West Africa pointed to a much smaller 2026/27 crop. NOAA confirmed an El Niño, now with an increased probability of a very strong event, which added further risk on top. The......
OVERVIEW For all the bearishness of the current fundamentals, a record surplus, strong stock to grind ratio, and physical differentials at multi year lows, cocoa spent May rallying, largely because the futures market has stopped looking at 2025/26 and has turned its attention to the 2026/27 season. What is now......