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Barchart
Rich Asplund

Cocoa Prices Rally Amid Tighter Global Supplies

Ice Ivory Coast NY London Ghana ICCO

Dec ICE NY cocoa (CCZ23) on Tuesday closed +44 (+1.22%), and Dec ICE London cocoa #7 (CAZ23) closed +51 (+1.75%).

Cocoa prices Tuesday settled moderately higher, with Dec NY cocoa posting a contract high.   Smaller cocoa supplies from the Ivory Coast are bullish for prices.  Ivory Coast farmers shipped 2.35 MMT of cocoa from Oct 1-Sep 3, down -3.3% y/y.  The Ivory Coast is the world's largest cocoa producer.  Also, ICE monitored cocoa inventories held in U.S. ports have steadily declined over the past three months to a 5-1/2 month low Tuesday.  

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