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Barchart
Rich Asplund

Cocoa Prices Recover Early Losses as Supplies Tighten

Ice NY Ivory Coast ICCO London Ghana

Dec ICE NY cocoa (CCZ23) on Tuesday closed +4 (+0.11%), and Dec ICE London cocoa #7 (CAZ23) closed +22 (+0.74%).

Cocoa prices Tuesday closed moderately higher, with NY cocoa recovering from a 4-week low.  Short-covering in cocoa futures emerged Tuesday on signs of ever-tighter supplies after ICE-monitored cocoa inventories held in U.S. ports fell to a 7-1/2 month low.  Gains in London cocoa accelerated Tuesday after the British pound (^GBPUSD) fell to a 6-1/4 month against the dollar.  The weaker pound benefits cocoa, which is priced in terms of sterling.  

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