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Barchart
Rich Asplund

Cocoa Prices Plummet on Robust Global Supplies

Ice ICCO London NY the International Cocoa Organization

March ICE NY cocoa (CCH26) on Tuesday closed down -297 (-7.24%), and March ICE London cocoa #7 (CAH26) closed down -206 (-6.97%).

Cocoa prices plummeted on Tuesday, with NY cocoa posting a 2.25-year nearest-futures low.  Cocoa prices have been in freefall over the past six weeks, with London cocoa sinking to a 2.5-year low on January 30, as abundant global supplies and slack demand weigh on cocoa prices.  Losses in cocoa prices accelerated on Tuesday after Nigerian Dec cocoa exports were reported at 54,799 MT, up +17% y/y.  Nigeria is the world's fifth-largest cocoa producer.

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