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Figure 1: World Cocoa (Surplus/Deficit) and Price Trend $3,475
250
$2,975
175 100
$2,475
25 -50
$1,975
-125 $1,475
Surplus ICE Futures (Right Scale)
20013/14*
20012/13
20011/12
20010/11
2009/10
2008/09
2007/08
2006/07
2005/06
-200 2004/05
Surplus/Deficit (Thousand Tonnes)
325
Deficit LIFFE Futures (Right Scale)
Source: ICCO Quarterly Bulletin of Cocoa Statistics, Bloomberg; * - Estimate
Figure 2: Cocoa Price Movement 3442
3042 2842 2642 2442 2242 2042
6/10/2011 7/22/2011 9/1/2011 10/13/2011 11/23/2011 1/6/2012 2/17/2012 3/30/2012 5/14/2012 6/25/2012 8/6/2012 9/17/2012 10/26/2012 12/7/2012 1/23/2013 3/6/2013 4/18/2013 5/30/2013 7/11/2013 8/21/2013 10/2/2013 11/12/2013 2/24/2013 2/7/2014 3/21/2014 5/5/2014 6/16/2014
$/MT
3242
Cocoa Futures (ICE)
Cocoa Futures (LIFFE)
Source: Bourse Africa Research and Bloomberg
Table 01: Cocoa Futures Price (June 2011 – June 2014) Particulars
ICE Futures US
ICE NYSE Liffe London
Daily volatility
1.57%
1.48%
Annualized volatility
24.99%
23.43%
Source: Bourse Africa Research and Bloomberg
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