September ICE NY cocoa (CCU26) is up +72 (+1.25%) today, and September ICE London cocoa #7 (CAU26) is up +5 (+0.12%).
Cocoa prices erased early losses today and moved higher as the outlook for poor weather from this year’s El Niño weather system could reduce cocoa production in West Africa, spurring fund buying in cocoa futures. Gains in London cocoa are limited today after the British pound (^GBPUSD) rallied to a 2-week high, undercutting cocoa priced in sterling.