2023-07-21 23:19:04
LONDON (Reuters) – New York and London cocoa futures on the ICE exchange closed the week higher despite pessimistic data on milling.
COCOA
* The September New York cocoa contract closed up $27, or 0.8%, at $3,415 a tonne, consolidating just below the 12-year high of $3,439 reached on Wednesday. The contract rose 3% for the week.
* Concerns that high prices were starting to dampen demand were raised by weak Q2 cocoa milling data from Europe and North America.
* Cocoa crushing in North America dropped sharply in the second quarter to 102,493 tonnes swt, down 11.6% year-on-year.
* Second quarter cocoa crushing in Europe was down 5.7% year-on-year.
* The September London Cocoa contract was up 14 pounds, or 0.5%, to 2,577 pounds a tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt)
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