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Barchart
Rich Asplund

Cocoa Prices Sink on the Outlook for Bigger Global Supplies

Ice ICCO London NY Ghana Ivory Coast

December ICE NY cocoa (CCZ25) on Thursday closed down -194 (-2.91%), and December ICE London cocoa #7 (CAZ25) closed down -177 (-3.77%).

This week's plunge in cocoa prices continued on Thursday, with NY cocoa posting a 19-month nearest-futures low and London cocoa posting a 20-month low.  Cocoa prices are retreating as this week's actions by the governments of the Ivory Coast and Ghana to boost the amount they pay farmers for their cocoa beans may encourage sales and boost cocoa supplies.

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