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Barchart
Rich Asplund

Cocoa Prices Mixed as British Pound Strength Weighs on London Cocoa

Ice London British Pound ICCO Deficit West Africa Ivory Coast

May ICE NY cocoa (CCK24) on Wednesday closed up +99 (+1.53%), and May ICE London cocoa #7 (CAK24) closed down -13 (-0.24%).

Cocoa prices on Wednesday settled mixed.  Cocoa prices are underpinned by concern that large cocoa deficits could force West African cocoa suppliers to default on their contracts.  Cocoa also has support on worries that aging cocoa trees, disease, and underinvestment in West African cocoa farms will keep a lid on recovering cocoa production.  London cocoa gave up early gains and turned lower Wednesday after the British pound (^GBPUSD) rallied to a 1-month high, which undercuts cocoa priced in sterling.

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