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Barchart
Rich Asplund

Cocoa Extends Thursday's Gains on Improved Cocoa Demand

Ice London NY Ivory Coast ICCO Ghana

Dec ICE NY cocoa (CCZ23) on Friday closed +9 (+0.26%), and Dec ICE London cocoa #7 (CAZ23) closed +37 (+1.21%).

Cocoa prices on Friday extended Thursday's gains, with NY cocoa posting a 1-1/2 week high and London cocoa posting a 3-1/2 week high.  Cocoa prices had carryover support from Thursday on signs of improved global cocoa demand after the European Cocoa Association reported European Q3 cocoa processing fell -0.9% y/y to 366,298 MT, an improvement from the -5.7% y/y decline in Q2.  Gains in London cocoa accelerated Friday after the British pound (^GBPUSD) fell to a 1-week low against the dollar, boosting cocoa priced in sterling.

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