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Rich Asplund

Cocoa Closes Sharply Higher as ICE Inventories Retreat

Ice Ghana ICCO Ivory Coast

September ICE NY cocoa (CCU24) on Friday closed up +458 (+6.30%), and July ICE London cocoa #7 (CAN24) closed up +365 (+5.10%).

Cocoa prices Friday finished sharply higher, recovering most of Thursday's sharp losses.  The price movement in cocoa remains highly volatile, and little news can move prices substantially.  Short-covering Friday pushed prices sharply higher after ICE-monitored cocoa inventories held in US ports fell to a 3-1/3 year low of 3,218,925 bags.

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