Cocoa futures fell to an eight-month low, grinding data showed weak demand.

Cocoa futures fell to an eight-month low as processing volumes of cocoa beans in Asia and Europe declined, indicating that high prices continue to suppress demand. The most active contract in New York fell by 5.2% to $7,243 per ton at one point, the lowest level since November 12. Prices have fallen by about 11% in this cycle. Cocoa futures in London fell by over 6%. According to data from the European Cocoa Association, the second quarter processing volumes of cocoa beans in Europe, the largest consumption region, decreased by 7.2% compared to the same period last year, reaching the lowest level since 2020. This is the fourth consecutive quarter of year-on-year declines, with the largest decline since the beginning of the pandemic.