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Rich Asplund

Cocoa Prices Extend Their Slump as Supply Fears Fade

Ice ICCO NY Ivory Coast London Ghana

December ICE NY cocoa (CCZ25) on Friday closed down -97 (-1.63%), and December ICE London cocoa #7 (CAZ25) closed down -70 (-1.67%).

Cocoa prices extended this week's slump on Friday, with NY cocoa sinking to a 20-month nearest-futures low. Cocoa prices remain under pressure after the governments of the Ivory Coast and Ghana increased the amount they pay farmers for their cocoa beans last week, which is expected to boost sales and cocoa supplies.

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