
March ICE NY cocoa (CCH26) on Tuesday closed down -197 (-5.50%), and March ICE London cocoa #7 (CAH26) closed down -81 (-3.22%).
Cocoa prices extended their two-month sell-off on Tuesday and sank to 2.5-year nearest-futures lows. Robust global supplies and slack demand are weighing on cocoa prices. Limiting losses in London cocoa is weakness in the British pound (^GBPUSD), which fell to a 3-week low on Tuesday, boosting cocoa priced in sterling.