
March ICE NY cocoa (CCH25) Tuesday closed up +2 (+0.02), and March ICE London cocoa #7 (CAH25) closed down -11 (-0.12%).
Cocoa prices on Tuesday recovered from 1-week lows and were little changed. Recent rains in West Africa eased dry conditions and are weighing on cocoa prices. However, tight global cocoa inventories are limiting the downside for prices. ICE-monitored cocoa inventories held in US ports have been trending lower for the past 1-1/2 years and fell to a 21-year low last Friday of 1,263,493 bags.