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Barchart
Barchart
Rich Asplund

Cocoa Prices Finish Sharply Higher on West African Cocoa Crop Concerns

December ICE NY cocoa (CCZ24) Tuesday closed up +569 (+7.80%), and December ICE London cocoa #7 (CAZ24) closed up +310 (+5.22%).

Cocoa prices rallied sharply Tuesday, with NY cocoa posting a 3-1/2 week high and London cocoa posting a 2-1/2 month high.  Fund buying is pushing cocoa prices higher today on concerns that dry conditions in West Africa will curb the region's cocoa production.  Forecaster Maxar Technologies said parts of Ghana and Nigeria are experiencing dry and hot weather that could impact the cocoa mid-crop, which officially starts in April.  

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