ICE Cocoa Futures & Options Trading

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ICE Cocoa Futures & Options Trading

Due to Cocoa's seasonal demand cycles and concentrated production sources - limited to just eight countries serving global demand - the cocoa market is subject to a high degree of volatility, presenting hedging and trading opportunities for cocoa traders around the world.

The cocoa tree is strictly a tropical plant, thriving only in hot, rainy climates with cultivation generally confined to areas not more than 20 degrees north or south of the equator. The tree takes four or five years after planting to yield cocoa beans, and from eight to ten years to achieve maximum production. The fruit of the cocoa tree appears as pods primarily on the trees trunk and lower main branches. When ripe, these pods are cut down and opened, and the beans are removed, fermented and dried.

The cocoa butter extracted from the bean is used in a number of products, ranging from cosmetic to pharmaceuticals, but its main use is in the manufacture of chocolate candy.

The Ivory Coast is the world's leading cocoa producing nation. Ghana and Indonesia rank next among major world producers, followed by Brazil, Nigeria and Malaysia.

Cocoa Futures Contract Specification

The Cocoa contract is the world benchmark for the global cocoa market. The contract prices the physical delivery of exchange-grade product from a variety of African, Asian and Central and South American origins to any of five US delivery ports.

CONTRACT SPECS

Symbol CC

Contract Size 10 metric tons

Price Quotation Dollars per metric tons

Contract Listings March, May, July, September, December

Minimum Price Movement $1.00/metric ton, equivalent to $10.00 per contract.

Settlement Physical Delivery

Daily Price Limit None

Deliverable Growths The growth of any country or clime, including new or yet unknown growths. Growths are divided into three classifications. Group A-Deliverable at a premium of $160/ton (including main crops of Ghana, Lome, Nigeria, Ivory Coast and Sierra Leone). Group B-Deliverable at a premium of $80/ton (includes Bahia, Arriba, Venezuela,Sanchez among others). Group C-Deliverable at par (includes Haiti, Malaysia and all others).

Delivery Points At licensed warehouses in the Port of New York District, Delaware River Port District, Port of Hampton Roads, Port of Albany or Port of Baltimore.

First Notice Day Ten business days prior to first business day of delivery month.

Last Trading Day One business day prior to last notice day.

Last Notice Day Ten business days prior to last business day of delivery month

Position Limits Position Limit and Position Accountability information for all IFUS products can be found at https://www.theice.com/publicdocs/futures_us_reports/all/Futures_US_Position_Limits.pdf.

TRADING HOURS

Trading

Pre-Open

NEW YORK 4:00 AM-2:00 PM
04:00-14:00  8:00 PM
20:00

LONDON 9:00 AM-7:00 PM
09:00-19:00  1:00 AM
01:00

SINGAPORE 5:00 PM-3:00 AM
17:00-03:00  9:00 AM
09:000

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