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Barchart
Barchart
Rich Asplund

Cocoa Prices Slip on End-of-Year Positioning

Ice Mar ICE NY Ghana ICCO Ivory Coast London United Kingdom

March ICE NY cocoa (CCH24) on Tuesday closed -28 (-0.65%), and Mar ICE London cocoa #7 (CAH24) did not trade with markets in the UK closed for the Boxing Day holiday.

NY cocoa prices on Tuesday fell back from a contract high and closed moderately lower on profit-taking and end-of-year positioning by funds.  Cocoa prices have recently seen strength due to cocoa supply concerns.  Last Monday's data from the Ivory Coast government showed Ivory Coast farmers shipped 671,544 MT of cocoa to ports from October 1-December 17, down -33% from the same time last year.  The Ivory Coast is the world's largest cocoa producer.

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