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Rich Asplund

Cocoa Prices Rebound as ICE Inventories Continue to Shrink

Ice ICCO London Nigeria United States

December ICE NY cocoa (CCZ25) today is up +84 (+1.40%), and December ICE London cocoa #7 (CAZ25) is up +75 (+1.76%).

Cocoa prices recovered from 1-week lows today and turned higher as ICE inventories continue to shrink. ICE-monitored cocoa inventories held in US ports fell to a 7-month low of 1,836,163 bags on Tuesday. Gains in London cocoa accelerated today after the British pound (^GBPUSD) tumbled to a 2.75-month low. The weaker pound boosts cocoa that is priced in terms of sterling.

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