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Barchart
Rich Asplund

Cocoa Price Selloff Accelerates as Global Supply Prospects Improve

Ice ICCO London NY Ghana Ivory Coast

December ICE NY cocoa (CCZ25) on Friday closed down -291 (-4.49%), and December ICE London cocoa #7 (CAZ25) closed down -225 (-4.99%).

Cocoa prices extended their plunge this week on Friday, with NY cocoa posting a 19-month low in its nearest futures and London cocoa reaching a 20-month low.  Cocoa prices are selling off as this week's actions by the governments of the Ivory Coast and Ghana to boost the amount they pay farmers for their cocoa beans may encourage sales and boost cocoa supplies.

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