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Barchart
Barchart
Rich Asplund

Cocoa Prices Extend Their Slump on Ample Supply and Weak Demand

Ice ICCO London NY Ivory Coast Ghana

December ICE NY cocoa (CCZ25) today is down -36 (-0.62%), and December ICE London cocoa #7 (CAZ25) is up +13 (+0.31%).

Cocoa prices today are mixed.  Prices extended their two-month-long decline today, with NY cocoa falling to a 20-month nearest-futures low and London cocoa posting a 20.5-month nearest-futures low.  Cocoa prices remain under pressure after the governments of the Ivory Coast and Ghana recently boosted the amount they pay farmers for their cocoa beans, which is expected to increase sales and cocoa supplies.  Some mild fund short covering lifted cocoa prices off their lows today, with London cocoa pushing into positive territory.

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