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22.01.26 - 13:06
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Cocoa Prices Set For Worst Monthly Drop On Record As Demand Craters (ZeroHedge)
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Cocoa Prices Set For Worst Monthly Drop On Record As Demand Craters
Cocoa futures in New York tumbled to two-year lows as fresh grinding data confirmed that consumers are balking at high chocolate prices.
Contracts are now down more than 28.5% on the month, and if the decline holds through the end of next week, January would register the largest monthly percentage drop on record, with Bloomberg data going back to 1970.
The great cocoa panic of 2023-24, which sent prices from $2,190 a ton to as high as $13,000 a ton by December 2024, has now retraced nearly the entire bull move to the 76.4% Fibonacci level. This latest downward pressure comes as new grinding data in Europe, cited by Bloomberg, shows clear demand deterioration:
Demand is deteriorating: European cocoa grindings fell to the lowest quarterly level since 2013, Asia also declined, while North America was roughly flat.
Reduced grindings have hit processors hard: Barry Callebaut AG reported a 22% drop in cocoa division volumes a...
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