London Cocoa

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.
As of December 2021, ICE Futures Europe plans to revise grading and warehouse rules for London Cocoa. Under this proposed rule, the seller of the cocoa would pay the cost of moving the product from a warehouse rather than the buyer.
London Cocoa Futures 	London Cocoa Futures 	London Cocoa Futures 	London Cocoa Futures
Trading Screen Product Name	London Cocoa Future 	London Cocoa Future 	London Cocoa Future
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	C 	C 	C
Contract Size 	Ten Tonnes 	Ten Tonnes 	Ten Tonnes
Price Quotation 	£ per metric tonne 	£ per metric tonne 	£ per metric tonne
Contract Series 	March, May, July, September, December, such that ten delivery months are available for trading 	March, May, July, September, December, such that ten delivery months are available for trading 	March, May, July, September, December, such that ten delivery months are available for trading
Minimum Price Fluctuation 	$1 per tonne ($10) 	$1 per tonne ($10) 	$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	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	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. 	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. 	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	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	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 	None 	None
Deliverable Origins 	All African origins are ORIGIN GROUP 1 (No discount)
All other origins are ORIGIN GROUP 2 (50 GBP discount) 	All African origins are ORIGIN GROUP 1 (No discount)
All other origins are ORIGIN GROUP 2 (50 GBP discount) 	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 	The business day immediately following the last trading 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 	Eleven business days immediately prior to the last business day of the delivery month at 12:00 	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. 	Delivery limits for IFEU Softs can be found here. 	Delivery limits for IFEU Softs can be found here.
Markers 	TAS (Trade at Settlement) 	TAS (Trade at Settlement) 	TAS (Trade at Settlement)
MIC Code 	IFLX 	IFLX 	IFLX
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	4:30 AM - 11:55 AM
04:30 - 11:55 	8:00 PM
20:00
Trading Hours 	LONDON 	9:30 AM - 4:55 PM
09:30 - 16:55 	1:00 AM
01:00
Trading Hours 	SINGAPORE 	5:30 PM - 12:55 AM
17:30 - 00:55 	9:00 AM
09:00
Codes 	Clearing Admin Name 	Cocoa UK 	Cocoa UK
Codes 	Physical 	C 	C
Codes 	Logical 	C 	C
Codes 	GMI (FC) 	LA 	LA
Codes 	ION A.C.N. 	None 	None
London Cocoa Options 	London Cocoa Options 	London Cocoa Options 	London Cocoa Options
Trading Screen Product Name	London Cocoa Future 	London Cocoa Future 	London Cocoa Future
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	C 	C 	C
Contract Size 	One London Cocoa futures contract 	One London Cocoa futures contract 	One London Cocoa futures contract
Price Quotation 	$ per tonne 	$ per tonne 	$ 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	March, May, July, September, December, such that ten expiry months are available for trading, subject to the option expiring before the underlying future	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) 	$1 per tonne ($10) 	$1 per tonne ($10)
Exercise 	American style 	American style 	American style
Daily Price Limit 	None 	None 	None
Strike Price Intervals 	£25 per tonne 	£25 per tonne 	£25 per tonne
Expiration Date 	12:00 on the last trading day in the calendar month preceding the expiry month 	12:00 on the last trading day in the calendar month preceding the expiry month 	12:00 on the last trading day in the calendar month preceding the expiry month
MIC Code 	IFLX 	IFLX 	IFLX
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	4:30 AM - 11:55 AM
04:30 - 11:55 	None
Trading Hours 	LONDON 	9:30 AM - 4:55 PM
09:30 - 16:55 	None
Trading Hours 	SINGAPORE 	5:30 PM - 12:55 AM
17:30 - 00:55 	None
Codes 	Clearing Admin Name 	Cocoa UK 	Cocoa UK
Codes 	Physical 	C 	C
Codes 	Logical 	C 	C
Codes 	GMI (FC) 	LA 	LA
Codes 	ION A.C.N. 	None 	None
London Cocoa 1-Month Calendar Spread Options	London Cocoa 1-Month Calendar Spread Options 	London Cocoa 1-Month Calendar Spread Options 	London Cocoa 1-Month Calendar Spread Options
Trading Screen Product Name 	London Cocoa 1-Month CSO 	London Cocoa 1-Month CSO 	London Cocoa 1-Month CSO
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	C1 (one-month series)
Determining the two futures contracts in a CSO pair requires knowing both the underlying futures contract and the length of the spread. For London Cocoa CSOs, the contract code is C and the number character indicates the length of the spread.
For example, Contract Symbol “C1”, the “1” indicates that the second month in the spread pair is ONE contract delivery month forward from the front month of the pair. If the month symbol is Z19 (December 2019), the Contract Symbol “C1” implies that the second month in the pair is H20 (March 2020) – one contract delivery month forward from the Z19.
Likewise, Contract Symbol “C2”, would imply that the second month in the pair is K20 (May 2020) – two contract delivery months forward from the Z19.	C1 (one-month series)
Determining the two futures contracts in a CSO pair requires knowing both the underlying futures contract and the length of the spread. For London Cocoa CSOs, the contract code is C and the number character indicates the length of the spread.
For example, Contract Symbol “C1”, the “1” indicates that the second month in the spread pair is ONE contract delivery month forward from the front month of the pair. If the month symbol is Z19 (December 2019), the Contract Symbol “C1” implies that the second month in the pair is H20 (March 2020) – one contract delivery month forward from the Z19.
Likewise, Contract Symbol “C2”, would imply that the second month in the pair is K20 (May 2020) – two contract delivery months forward from the Z19.	C1 (one-month series)
Determining the two futures contracts in a CSO pair requires knowing both the underlying futures contract and the length of the spread. For London Cocoa CSOs, the contract code is C and the number character indicates the length of the spread.
For example, Contract Symbol “C1”, the “1” indicates that the second month in the spread pair is ONE contract delivery month forward from the front month of the pair. If the month symbol is Z19 (December 2019), the Contract Symbol “C1” implies that the second month in the pair is H20 (March 2020) – one contract delivery month forward from the Z19.
Likewise, Contract Symbol “C2”, would imply that the second month in the pair is K20 (May 2020) – two contract delivery months forward from the Z19.
Contract Size 	A spread position between the two London Cocoa Futures contracts 	A spread position between the two London Cocoa Futures contracts 	A spread position between the two London Cocoa Futures contracts
Price Quotation 	£ per tonne 	£ per tonne 	£ per tonne
Contract Series 	March, May, July, September, December.
1-month series: Each of the first nine listed futures months paired with consecutive listed months. 	March, May, July, September, December.
1-month series: Each of the first nine listed futures months paired with consecutive listed months. 	March, May, July, September, December.
1-month series: Each of the first nine listed futures months paired with consecutive listed months.
Minimum Price Fluctuation 	£1 per tonne (£10) 	£1 per tonne (£10) 	£1 per tonne (£10)
Daily Price Limit 	None 	None 	None
Exercise 	American Style 	American Style 	American Style
Strike Price Intervals 	5-tick intervals (£5 per tonne) 	5-tick intervals (£5 per tonne) 	5-tick intervals (£5 per tonne)
Last Trading Day 	Each CSO contract ceases trading at 12pm on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the December 2019 future is the front month of the pair will expire on the last trading day of the December 2019 regular option. 	Each CSO contract ceases trading at 12pm on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the December 2019 future is the front month of the pair will expire on the last trading day of the December 2019 regular option. 	Each CSO contract ceases trading at 12pm on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the December 2019 future is the front month of the pair will expire on the last trading day of the December 2019 regular option.
Call Option 	Buyer of a CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Put Option 	Buyer of a CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Strike Price 	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).
MIC Code 	IFLX 	IFLX 	IFLX
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	4:30 AM - 11:55 AM
04:30 - 11:55 	None
Trading Hours 	LONDON 	9:30 AM - 4:55 PM
09:30 - 16:55 	None
Trading Hours 	SINGAPORE 	5:30 PM - 12:55 AM
17:30 - 00:55 	None
Codes 	Clearing Admin Name 	Cocoa UK 	Cocoa UK
Codes 	Physical 	C1 	C1
Codes 	Logical 	C1 	C1
Codes 	GMI (FC) 	L1 	L1
Codes 	ION A.C.N. 	None 	None
London Cocoa 2-Month Calendar Spread Options	London Cocoa 2-Month Calendar Spread Options 	London Cocoa 2-Month Calendar Spread Options 	London Cocoa 2-Month Calendar Spread Options
Trading Screen Product Name 	London Cocoa 2-Month CSO 	London Cocoa 2-Month CSO 	London Cocoa 2-Month CSO
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	C2 (two-month series)
Determining the two futures contracts in a CSO pair requires knowing both the underlying futures contract and the length of the spread. For London Cocoa CSOs, the contract code is C and the number character indicates the length of the spread.
For example, Contract Symbol “C1”, the “1” indicates that the second month in the spread pair is ONE contract delivery month forward from the front month of the pair. If the month symbol is Z19 (December 2019), the Contract Symbol “C1” implies that the second month in the pair is H20 (March 2020) – one contract delivery month forward from the Z19.
Likewise, Contract Symbol “C2”, would imply that the second month in the pair is K20 (May 2020) – two contract delivery months forward from the Z19.	C2 (two-month series)
Determining the two futures contracts in a CSO pair requires knowing both the underlying futures contract and the length of the spread. For London Cocoa CSOs, the contract code is C and the number character indicates the length of the spread.
For example, Contract Symbol “C1”, the “1” indicates that the second month in the spread pair is ONE contract delivery month forward from the front month of the pair. If the month symbol is Z19 (December 2019), the Contract Symbol “C1” implies that the second month in the pair is H20 (March 2020) – one contract delivery month forward from the Z19.
Likewise, Contract Symbol “C2”, would imply that the second month in the pair is K20 (May 2020) – two contract delivery months forward from the Z19.	C2 (two-month series)
Determining the two futures contracts in a CSO pair requires knowing both the underlying futures contract and the length of the spread. For London Cocoa CSOs, the contract code is C and the number character indicates the length of the spread.
For example, Contract Symbol “C1”, the “1” indicates that the second month in the spread pair is ONE contract delivery month forward from the front month of the pair. If the month symbol is Z19 (December 2019), the Contract Symbol “C1” implies that the second month in the pair is H20 (March 2020) – one contract delivery month forward from the Z19.
Likewise, Contract Symbol “C2”, would imply that the second month in the pair is K20 (May 2020) – two contract delivery months forward from the Z19.
Contract Size 	A spread position between the two London Cocoa Futures contracts 	A spread position between the two London Cocoa Futures contracts 	A spread position between the two London Cocoa Futures contracts
Price Quotation 	£ per tonne 	£ per tonne 	£ per tonne
Contract Series 	March, May, July, September, December.
2-month series: Each of the first eight listed futures months paired with the second month forward from that month. 	March, May, July, September, December.
2-month series: Each of the first eight listed futures months paired with the second month forward from that month. 	March, May, July, September, December.
2-month series: Each of the first eight listed futures months paired with the second month forward from that month.
Minimum Price Fluctuation 	£1 per tonne (£10) 	£1 per tonne (£10) 	£1 per tonne (£10)
Daily Price Limit 	None 	None 	None
Exercise 	American Style 	American Style 	American Style
Strike Price Intervals 	5-tick intervals (£5 per tonne) 	5-tick intervals (£5 per tonne) 	5-tick intervals (£5 per tonne)
Last Trading Day 	Each CSO contract ceases trading at 12pm on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the December 2019 future is the front month of the pair will expire on the last trading day of the December 2019 regular option. 	Each CSO contract ceases trading at 12pm on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the December 2019 future is the front month of the pair will expire on the last trading day of the December 2019 regular option. 	Each CSO contract ceases trading at 12pm on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the December 2019 future is the front month of the pair will expire on the last trading day of the December 2019 regular option.
Call Option 	Buyer of a CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Put Option 	Buyer of a CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Strike Price 	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).
MIC Code 	IFLX 	IFLX 	IFLX
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	4:30 AM - 11:55 AM
04:30 - 11:55 	None
Trading Hours 	LONDON 	9:30 AM - 4:55 PM
09:30 - 16:55 	None
Trading Hours 	SINGAPORE 	5:30 PM - 12:55 AM
17:30 - 00:55 	None
Codes 	Clearing Admin Name 	Cocoa UK 	Cocoa UK
Codes 	Physical 	C2 	C2
Codes 	Logical 	C2 	C2
Codes 	GMI (FC) 	L2 	L2
Codes 	ION A.C.N. 	None 	None
==References==
==Resources==
ICE London Cocoa Product Spec
ICE London Cocoa 1-Month Calendar Spread Product Spec
ICE London Cocoa 2-Month Calendar Spread Product Spec
== Notes ==
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Category:Sponsored Pages - ICE
Category:Cocoa Futures Contracts
Category:Futures Contracts Traded on ICE
Category:Agricultural Futures Contracts
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