London Cocoa

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The London Cocoa futures contract has long been used as the global benchmark for the pricing of physical cocoa. It is actively traded by producers, exporters, trade houses, processors and chocolate manufacturers as well as by managed funds and both institutional and short‑term investors.[1]

London Cocoa Futures
Trading Screen Product Name London Cocoa Future
Trading Screen Hub Name ICEU
Contract Symbol C
Contract Size Ten Tonnes
Price Quotation £ per metric tonne
Contract Series March, May, July, September, December, such that ten delivery months are available for trading
Minimum Price Fluctuation $1 per tonne ($10)
Settlement Physical Delivery: Standard Delivery Unit (SDU) – bagged cocoa with a nominal net weight of ten tonnes. Large Delivery Unit (LDU) – bagged cocoa with a nominal net weight of 100 tonnes. Bulk Delivery Unit (BDU) – loose cocoa with a nominal net weight of 1,000 tonnes
Delivery Locations Delivered in an Exchange Nominated Warehouse in a delivery area which is, in the Board's opinion, in or sufficiently close to Amsterdam, Antwerp, Bremen, Hamburg, Liverpool, London, Rotterdam.
Grade/Standards/Quality Standard Delivery Unit (SDU) – bagged cocoa with a nominal net weight of ten tonnes. Large Delivery Unit (LDU) – bagged cocoa with a nominal net weight of 100 tonnes. Bulk Delivery Unit (BDU) – loose cocoa with a nominal net weight of 1,000 tonnes

Where necessary upon tender, a seller may be instructed by the Clearing Services Provider to convert a Bulk Delivery Unit into Large and/or Standard Delivery Units, or a Large Delivery Unit into Standard Delivery Units

Daily Price Limit None
Deliverable Origins All African origins are ORIGIN GROUP 1 (No discount)

All other origins are ORIGIN GROUP 2 (50 GBP discount)

First Notice Day The business day immediately following the last trading day
Last Trading Day Eleven business days immediately prior to the last business day of the delivery month at 12:00
Delivery Limit Delivery limits for IFEU Softs can be found here.[2]
Markers TAS (Trade at Settlement)[3]
MIC Code IFLX
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 4:30 AM - 11:55 AM

04:30 - 11:55

8:00 PM

20:00

LONDON 9:30 AM - 4:55 PM

09:30 - 16:55

1:00 AM

01:00

SINGAPORE 5:30 PM - 12:55 AM

17:30 - 00:55

9:00 AM

09:00

Codes Clearing Admin Name Cocoa UK
Physical C
Logical C
GMI (FC) LA
ION A.C.N.
London Cocoa Options
Trading Screen Product Name London Cocoa Future
Trading Screen Hub Name ICEU
Contract Symbol C
Contract Size One London Cocoa futures contract
Price Quotation $ per tonne
Contract Series March, May, July, September, December, such that ten expiry months are available for trading, subject to the option expiring before the underlying future
Minimum Price Fluctuation $1 per tonne ($10)
Exercise American style
Daily Price Limit None
Strike Price Intervals £25 per tonne
Expiration Date 12:00 on the last trading day in the calendar month preceding the expiry month
MIC Code IFLX
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 4:30 AM - 11:55 AM

04:30 - 11:55

LONDON 9:30 AM - 4:55 PM

09:30 - 16:55

SINGAPORE 5:30 PM - 12:55 AM

17:30 - 00:55

Codes Clearing Admin Name Cocoa UK
Physical C
Logical C
GMI (FC) LA
ION A.C.N.

References

  1. London Cocoa Description. {{{org}}}.
  2. IFEU Softs Delivery Limits. {{{org}}}.
  3. TAS. {{{org}}}.

Resources

ICE London Cocoa Product Code]

Notes