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Cocoa #7 May '24 (CAK24)

6,294s +279 (+4.64%) 05/15/24 [ICE/EU]
N/A x N/A N/A x N/A
underlying price ()
Quote Overview for Wed, May 15th, 2024
Day Low
6,294
Day High
6,294
Open 0
Previous Close 6,015 6,015
Volume 0 0
Open Interest 5,300 5,300
Stochastic %K 5.62% 5.62%
Weighted Alpha +165.77 +165.77
5-Day Change -1,635 (-20.62%) -1,635 (-20.62%)
52-Week Range 2,118 - 10,265 2,118 - 10,265
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Cocoa #7 Futures Market News and Commentary

Short Covering Pushes Cocoa Prices Higher

May ICE NY cocoa (CCK25) Wednesday closed up +94 (+1.17%), and May ICE London cocoa #7 (CAK25) closed up +52 (+0.90%).

Cocoa prices recovered from early losses on Wednesday and settled moderately higher as a weaker dollar (DXY00) sparked short covering in cocoa futures.  

Last Wednesday, NY cocoa fell to a 4-week low, and London cocoa dropped to a 5-month low due to concern that consumer demand for cocoa and cocoa products will decline as the global trade war escalates and tariffs boost already-high cocoa prices.  Last Thursday, Barry Callebaut AG, one of the world's biggest chocolate makers, cut its annual sales guidance in the face of high cocoa prices and tariff uncertainty.  Meanwhile, Malaysia reported Monday a -15.3% y/y decline in Q1 cocoa processing to 84.192 MT, and Brazil reported a -13% y/y fall in Q1 cocoa bean grindings to 52.135 MT.  This Thursday, Asia, Europe, and North America will report their Q1 cocoa grinding figures.

Cocoa prices have been on t... 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
05/15/24 (expired)

Seasonal Chart

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

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Period Period Low Period High Performance
1-Month
5,800 +8.52%
on 05/14/24
Period Open: 9,177
10,265 -38.68%
on 04/22/24
-2,883 (-31.42%)
since 04/15/24
3-Month
4,484 +40.37%
on 02/19/24
Period Open: 4,695
10,265 -38.68%
on 04/22/24
+1,599 (+34.06%)
since 02/15/24
52-Week
2,118 +197.17%
on 05/16/23
Period Open: 2,127
10,265 -38.68%
on 04/22/24
+4,167 (+195.91%)
since 05/15/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 6,294
2nd Resistance Point 6,294
1st Resistance Point 6,294
Last Price 6,294s
1st Support Level 6,294
2nd Support Level 6,294
3rd Support Level 6,294

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52-Week High 10,265
Fibonacci 61.8% 7,153
Last Price 6,294s
Fibonacci 50% 6,192
Fibonacci 38.2% 5,230
52-Week Low 2,118

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