Cocoa Holds Below 5.5-Month Highs as Pound Pressures London Futures
Updated
Updated · TradingView · Jul 1
Cocoa Holds Below 5.5-Month Highs as Pound Pressures London Futures
2 articles · Updated · TradingView · Jul 1
Summary
September New York cocoa edged up 0.18% while London cocoa slipped 0.16%, leaving prices mixed and consolidating after a more than 20% rally over the past two weeks.
Heavy rain in Ivory Coast and Ghana has flooded roads and limited access to farms and ports, raising supply fears as excessive moisture also heightens brown rot and black pod disease risks.
London futures faced extra pressure from a stronger pound, which climbed to a 1.5-week high and undercut sterling-priced cocoa.
Weather and crop risks still support the market: NOAA sees a 67% chance of a Super El Niño, and early surveys put Ivory Coast's 2026/27 crop at 1.8 MMT, down 18% from 2025/26.
Those bullish factors are colliding with bearish supply and demand signals, including Ivory Coast port arrivals up 20% year on year, ICE inventories at a 1.75-year high, and weak North American and European grindings.