Cocoa futures have rebounded from an eight-month low as traders evaluate changes in grinding data from key consumption regions. The most active cocoa futures contract in New York surged by as much as 5.8% to $7,735 per ton, narrowing the week's losses to around 7%. This week, cocoa futures have faced pressure due to concerns over demand destruction following historically high prices.
Grinding volumes in Europe and Asia decreased by 7.2% and 16%, respectively. However, North America's cocoa powder grinding showed resilience, with only a 2.8% decline in the second quarter, highlighting regional demand variations, according to JPMorgan's agricultural strategist Tracey Allen.
In terms of pricing, New York cocoa futures rose 4.4% to $7,633 per ton, while London cocoa increased by 2.3%. Meanwhile, London Robusta coffee saw a decline of 0.8%.
