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Rich Asplund

Cocoa Ends Sharply Lower as West African Rain Weighs on Prices

Ice West Africa London NY Ghana ICCO

December ICE NY cocoa (CCZ24) Tuesday closed down -401 (-5.23%), and December ICE London cocoa #7 (CAZ24) closed down -154 (-2.89%).

Cocoa prices Tuesday sold off sharply, with NY cocoa posting a 2-week low and London cocoa posting a 4-week low. Rain in West Africa boosted the prospects for the region's cocoa crops and weighed on cocoa prices. Losses in London cocoa were limited Tuesday after the British pound (^GBPUSD) fell to a 1-week low, boosting cocoa priced in terms of sterling.

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