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Barchart
Barchart
Rich Asplund

Cocoa Prices Consolidate Below This Week's Highs

London British Pound ICCO NY

Sep ICE NY cocoa (CCU23) on Friday closed -3 (-0.09%), and Sep ICE London cocoa #7 (CAU23) closed -20 (-0.77%).

Cocoa prices Friday closed moderately lower as they consolidated below this week's significant highs.  Losses in London cocoa accelerated Friday after the British pound (^GBPUSD) rallied to a 14-month high, undercutting cocoa priced in sterling.  Also, an increase in London cocoa inventories is bearish for prices.  Certified cocoa stockpiles held in European port warehouses monitored by the ICE Futures Europe exchange rose 4,360 MT on Thursday to a record 161,620 MT (data from 2020).

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