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Barchart
Rich Asplund

Cocoa Closes Sharply Higher on Lower Global Production and Tight Supplies

Ice Ghana London Ivory Coast NY ICCO

September ICE NY cocoa (CCU24) on Wednesday closed up +363 (+4.41%), and September ICE London cocoa #7 (CAU24) closed up +101 (+1.56%).

Cocoa prices Wednesday extended this week's sharp rally, with NY cocoa posting a 1-1/2 month high and London cocoa posting a 2-week high.  Lower cocoa production in the Ivory Coast, the world's largest producer, underpins cocoa prices.  Government data Monday showed that Ivory Coast farmers shipped 1.66 MMT of cocoa to ports from October 1 to August 4, down by -28% from the same time last year.  

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