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Barchart
Barchart
Rich Asplund

Cocoa Prices Jump on Adverse Global Weather Events

Ice Ivory Coast El Niño Flood Ghana ICCO StoneX

July ICE NY cocoa (CCN26) on Tuesday closed up +373 (+9.83%), and July ICE London cocoa #7 (CAN26) closed up +293 (+10.24%).

Cocoa prices surged to 1.5-week highs on Tuesday amid fund short-covering, spurred by heavy rains in the Ivory Coast that have caused flooding and cut off farmers' access to cocoa plantations. Cocoa prices also have support on concerns that a potential El Niño weather pattern this year could threaten the West African cocoa crop.

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