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Rich Asplund

Cocoa Prices Consolidate Below 11.5-Month Highs

Ice Ghana London Ivory Coast El Niño NY the Ivory Coast

December ICE NY cocoa (CCZ26) closed up +56 (+0.95%) on Wednesday, and December ICE London cocoa #7 (CAZ26) closed up +63 (+1.46%).

Cocoa prices settled higher on Wednesday as they continue to trade sideways between last Tuesday’s 3-week low and the 11.5-month high from August 31. Gains in London cocoa accelerated on Wednesday after the British pound (^GBPUSD) fell to a 1.5-month low. The weaker pound boosts cocoa priced in sterling.

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