December ICE NY cocoa (CCZ24) Friday closed up +14 (+0.21%), and December ICE London cocoa #7 (CAZ24) closed up +57 (+1.10%).
Cocoa prices recovered from early losses on Friday and posted modest gains as oversold conditions in cocoa futures sparked technical short covering. Cocoa prices have slumped over the past week, with NY cocoa posting an 8-month nearest-futures low Friday and London cocoa posting a 3-week low. Harvest pressures in the Ivory Coast are undercutting cocoa prices. Monday's government data showed that Ivory Coast farmers shipped 192,804 MT of cocoa to ports from October 1 to October 20, up +12.9% from 170,794 MT shipped the same time last year. The Ivory Coast is the world's largest cocoa producer.
