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Barchart
Rich Asplund

Cocoa Prices Rebound on Adverse Weather in West Africa

Ice West Africa ICCO Ghana Nigeria Ivory Coast London

December ICE NY cocoa (CCZ25) today is up +161 (+2.23%), and December ICE London cocoa #7 (CAZ25) is up +60 (+1.19%).

Cocoa prices recovered from 1.5-month lows today and moved sharply higher after weather concerns in West Africa sparked short covering in cocoa futures.  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.

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