Cocoa futures retreat as technical selling follows 15% three-session surge
Cocoa futures pulled back after a sharp rally, with September New York cocoa (CCU26) down 0.37% and September London cocoa #7 (CAU26) down 0.93%. Prices had climbed more than 15% over the prior three sessions, pushing the market into overbought territory and triggering fund long liquidation. Supply indicators from West Africa were firmer, including Ivory Coast marketing-year port arrivals up 20% to 2.11 MMT and Nigeria’s June exports up 30% y/y to 18,922 MT, according to Bloomberg. Demand signals were mixed, with Q2 Asian grindings up 25% y/y to 224,646 MT.