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Barchart
Barchart
Rich Asplund

Adverse Weather in West Africa and Tighter Inventories Boost Cocoa Prices

Ice West Africa ICCO Ghana Nigeria Ivory Coast London

December ICE NY cocoa (CCZ25) on Tuesday closed up +160 (+2.21%), and December ICE London cocoa #7 (CAZ25) closed up +63 (+1.25%).

Cocoa prices recovered from 1.5-month lows on Tuesday and rallied sharply after weather concerns in West Africa sparked short covering in cocoa futures.  Heavy rain in the Ivory Coast has kept farmers out of cocoa fields and reduced the movement of cocoa from plantations to ports.  Also, dryness in Ghana and Nigeria has damaged some crops, as cocoa pods have withered from a lack of precipitation.

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