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Cocoa #7 Jul '24 (CAN24)

7,488s -726 (-8.84%) 07/16/24 [ICE/EU]
N/A x N/A N/A x N/A
underlying price ()
Quote Overview for Tue, Jul 16th, 2024
Day Low
7,488
Day High
8,141
Open 8,141
Previous Close 8,214 8,214
Volume 18 18
Open Interest 2,711 2,711
Stochastic %K 63.48% 63.48%
Weighted Alpha +203.95 +203.95
5-Day Change +27 (+0.36%) +27 (+0.36%)
52-Week Range 2,360 - 9,980 2,360 - 9,980
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Cocoa #7 Futures Market News and Commentary

Improving Supply Outlook Pressures Cocoa Prices

May ICE NY cocoa (CCK25) Monday closed down -40 (-0.51%), and May ICE London cocoa #7 (CAK25) closed up +16 (+0.26%).

Cocoa prices on Monday settled mixed.  Cocoa prices have been on the defensive over the past month, with NY cocoa falling to a 4-month low last Friday and London cocoa posting a 4-month low Monday on an improving supply outlook.  On February 28,  the International Cocoa Organization (ICCO) forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in 4 years.  ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT.

Monday's weaker dollar spurred some short covering in cocoa futures, with London cocoa erasing early losses and climbing into positive territory.  

The recovery in cocoa inventories is also negative for prices.  Since falling to a 21-year low of 1,263,493 bags on January 24,  ICE-monitored cocoa inventories held in US ports have rebounded and climbed to a 4-1/4 month high of 1,737,320... 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 (expired)

Seasonal Chart

Cocoa #7 Jul '24
Average Price Chart for 5 Prior Jul Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
6,818 +9.83%
on 06/28/24
Period Open: 8,837
8,901 -15.87%
on 06/17/24
-1,349 (-15.27%)
since 06/14/24
3-Month
5,659 +32.32%
on 05/20/24
Period Open: 8,348
9,980 -24.97%
on 04/19/24
-860 (-10.30%)
since 04/16/24
52-Week
2,360 +217.29%
on 07/17/23
Period Open: 2,366
9,980 -24.97%
on 04/19/24
+5,122 (+216.48%)
since 07/14/23

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Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 8,576
2nd Resistance Point 8,359
1st Resistance Point 7,923
Last Price 7,488s
1st Support Level 7,270
2nd Support Level 7,053
3rd Support Level 6,617

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52-Week High 9,980
Last Price 7,488s
Fibonacci 61.8% 7,069
Fibonacci 50% 6,170
Fibonacci 38.2% 5,271
52-Week Low 2,360

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