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Rich Asplund

Cocoa Posts Moderate Gains as Rain Delays the West African Cocoa Harvest

Ice West Africa Maxar Technologies Ivory Coast ICCO London Ghana NY the Ivory Coast

Dec ICE NY cocoa (CCZ23) on Tuesday closed +39 (+1.14%), and Dec ICE London cocoa #7 (CAZ23) closed +28 (+0.94%).

Cocoa prices on Tuesday closed moderately higher. Cocoa rose Tuesday after forecaster Maxar Technologies said that rainfall in parts of West Africa is delaying the main crop cocoa harvest. Tight current cocoa supplies are also supportive for prices as ICE-monitored cocoa inventories held in U.S. ports have declined steadily over the past four months to a 9-month low Tuesday.

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