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Barchart
Barchart
Rich Asplund

Cocoa Prices Plunge as Global Supply Outlook Improves

Ice ICCO London NY Ghana Ivory Coast

December ICE NY cocoa (CCZ25) today is down -288 (-4.44%), and December ICE London cocoa #7 (CAZ25) is down -214 (-4.74%).

Cocoa prices extended their plunge this week, with NY cocoa posting a 19-month nearest-futures low and London cocoa reaching a 20-month low.  Cocoa prices are selling off as this week's actions by the governments of the Ivory Coast and Ghana to boost the amount they pay farmers for their cocoa beans may encourage sales and boost cocoa supplies.

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