2023-07-13 23:19:40
NEW YORK (Reuters) – Cocoa futures on the ICE exchange closed sharply lower on Thursday, with data showing a surprise drop in demand in the region of greatest consumption, Europe.
COCOA
* London September cocoa contract fell 116 pounds, or 4.5%, to 2,453 pounds a tonne, as the market fell further from last week’s 46-year high of 2,678 pounds.
* Europe’s Q2 cocoa crush, a measure of demand, fell 5.7% year-on-year to 343,283 metric tons.
* Traders said the data was below market expectations, adding that they are awaiting confirmation of the downward trend in demand in Asia and North America.
* September New York cocoa fell $72, or 2.2%, to $3,267 a metric ton.
(Reporting by Marcelo Teixeira and Maytaal Angel)
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