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Barchart
Barchart
Rich Asplund

Cocoa Prices Rally on West African Weather Concerns

Ice West Africa ICCO NY Ghana London Nigeria Ivory Coast

December ICE NY cocoa (CCZ25) on Monday closed up +224 (+3.02%), and December ICE London cocoa #7 (CAZ25) closed up +110 (+2.15%).

Cocoa prices rallied sharply on Monday, with NY cocoa posting a 1.5-week high.  Weather concerns in West Africa are boosting cocoa prices.  Heavy rain in the Ivory Coast has kept farmers out of cocoa fields and reduced the movement of cocoa from plantations to ports.  Also, dryness in Ghana and Nigeria has damaged some crops, as cocoa pods have withered from a lack of precipitation.  Gains in London cocoa were limited on Monday after the British pound (^GBPUSD) rallied to a 2-month high.  The stronger pound undercuts cocoa priced in terms of sterling.

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