July ICE NY cocoa (CCN25) Tuesday closed down -51 (-0.57%), and May ICE London cocoa #7 (CAK25) closed up +27 (+0.43%).
Cocoa prices on Tuesday settled mixed. Cocoa prices were under pressure Tuesday due to a negative carryover from Monday when Bloomberg reported that Nigerian Mar cocoa exports rose +24% y/y to 27,564 MT. Nigeria is the world's fifth-largest cocoa producer. However, London cocoa erased early losses Tuesday and posted moderate gains as weakness in the British pound (^GBPUSD) sparked short-covering in London cocoa. The pound fell -0.32% Tuesday, boosting cocoa that is priced in terms of sterling.
