Cocoa futures retreat as technical selling follows 15% three-session surge
AI Market Summary
Cocoa futures eased from recent highs as a +15% three-session rally pushed momentum into overbought territory, triggering fund long liquidation. Near-term supply signals are mixed: Ivory Coast shipments are running +20% y/y and ICE inventories sit near a two-year high, while Ghana production risks and El Niño uncertainty remain supportive. Demand data are divergent, with weaker Europe offset by stronger North America and Asia.
Impact level
● Medium
Affected assets
NCCOCOCOA2USD/USDT+0.69%
AI Insight · NCCOCOCOA2USD/USDTAI Insight
● Neutral
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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.
