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Rich Asplund

Cocoa Prices Rally on Short-Covering and Heavy Rain

Ice London NY ICCO

December ICE NY cocoa (CCZ24) today is up +160 (+2.36%), and December ICE London cocoa #7 (CAZ24) is up +225 (+4.30%).

Cocoa prices today are seeing short-covering from last week's lows when NY cocoa posted an 8-month nearest-futures low and London cocoa posted a 3-week low. Also, heavy rain in some areas of Africa's cocoa-growing areas is making it difficult to access fields and is fostering cocoa disease.

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