New York vs London cocoa futures: how to compare the two markets
4 min read · Free public research
Different currencies, contracts and delivery systems make the headline prices hard to compare. Learn a consistent way to read New York and London cocoa futures.
New York and London cocoa futures are related benchmarks, but their displayed prices are not interchangeable. A smaller number on a London chart does not, by itself, mean that cocoa is cheaper there. Start by checking the currency, delivery month and observation time.
Currency conversion does not remove delivery differences.
£4,000 / tonne × $1.25 per £1 = $5,000 / tonne
Invented prices and FX rate. This is not a live cross-market spread or an arbitrage opportunity.
ICE Futures U.S. cocoa futures use the symbol CC, represent 10 metric tonnes and are quoted in US dollars per tonne. A one-dollar-per-tonne move equals ten dollars per exchange contract.
ICE Futures Europe London cocoa futures use the symbol C, also represent ten tonnes and are quoted in pounds sterling per tonne. A one-pound-per-tonne move equals ten pounds per exchange contract. Both are physically delivered contracts, with their own delivery rules and locations.
Those exchange specifications describe the listed futures. Do not assume that a broker's product called “cocoa”, or one broker lot, has the same exposure. Read the instrument specification for the product you actually use.
Convert the currency first
Consider an illustrative London quote of £4,000 per tonne and an exchange rate of 1.25 US dollars per pound. Multiplying 4,000 by 1.25 gives $5,000 per tonne. If the illustrative New York quote is $5,200, the currency-adjusted difference is $200 per tonne, rather than the apparent 1,200-point gap.
These are invented teaching values, not current market quotes or an executable opportunity. Conversion only puts the observations into a common currency. It does not remove differences in contract terms, delivery eligibility, timing or transaction costs.
Match the delivery month and time
Write down the actual contract month beside each price. A continuous chart can change its underlying contract, and a broker may apply a different roll schedule or chart adjustment. Comparing one market's nearby month with another market's later month mixes the geographical comparison with a time-spread comparison.
Also distinguish a live quote from a previous settlement or delayed observation. If one market has already closed, the two figures may describe different moments. Record the time zone and whether each number is a bid, offer, last trade or settlement.
Read divergence as a question
A difference between the two markets is a prompt to investigate, not an automatic buy or sell signal. Ask what changed after controlling for currency, month and timing. Then check the relevant warehouse series, delivery rules and physical-market reporting before assigning a cause.
A useful research note has five fields: contract, currency, timestamp, price type and source. Keep that note alongside your interpretation so you can later check whether the apparent divergence survived a like-for-like comparison.
Continue your cocoa research
Use the public cocoa prices guide to establish the benchmark and reporting date before exploring the wider database:
Source · cocoamarkethub.com ↗
The free preview offers selected figures and headlines. Full membership connects the research workspace, historical comparisons and private trading journal:
Source · cocoamarkethub.com ↗
Sources and scope
Contract specifications checked against ICE on 6 November 2026. Recheck the exchange and your broker for subsequent changes.
Source · ice.com ↗Source · ice.com ↗
This is a comparison framework, not a recommendation to trade a cross-market spread.
Additional reading context
Educational explanation added to help interpret this article. It is not a new market update or a revision to the original dated figures.
Putting the guide into practice
Choose one dated observation relevant to this guide and trace it back to the original source. Record the benchmark, unit and reporting period before comparing it with another figure. This turns the explanation into a repeatable research process: establish what is measured, check what changed and identify what the observation cannot tell you.
Use the database to check the neighbouring evidence. A price observation can be compared with physical availability and positioning; an inventory or arrivals observation can be checked against compatible history and demand reporting. Agreement between several observations can strengthen a hypothesis, while disagreement highlights the next question to investigate. Neither outcome removes the need to check timing and definitions.
Applying this topic
For instrument selection, check what exposure the product actually provides before comparing its chart with a cocoa benchmark. Record contract specifications, currency, expiry or roll mechanics and the provider’s stated costs. A product following futures can behave differently from a physical-price headline. Use a documented research example to practise connecting price, physical supply and positioning, and revisit the assumptions when the quoted contract changes.
Published research and personal commentary, not personalised investment advice. Trade ideas can fail; evaluate the assumptions and dated follow-ups. The original published post is preserved.