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Rich Asplund

Cocoa Prices Rally as Global Stockpiles Shrink

Ice Ghana ICCO London NY United States

December ICE NY cocoa (CCZ24) Thursday closed up +178 (+2.42%), and December ICE London cocoa #7 (CAZ24) closed up +146 (+2.72%).

Cocoa prices Thursday extended this week's rally to 1-week highs. A shrinking of global cocoa stockpiles is underpinning prices. ICE-monitored cocoa inventories held in US ports have been trending lower for the past 15 months and fell to a 15-year low Tuesday of 1,998,398 bags. London cocoa added to its gains Thursday when the British pound (^GBPUSD) fell to a 1-month low, which boosts cocoa that is priced in sterling.

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