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Barchart
Barchart
Rich Asplund

Cocoa Prices Soar on Limited Global Cocoa Production

Ice NY London Deficit Ghana ICCO

Dec ICE NY cocoa (CCZ23) on Tuesday closed +193 (+4.78%), and Dec ICE London cocoa #7 (CAZ23) closed +20 (+0.57%).

Cocoa prices on Tuesday closed higher, with NY cocoa rallying sharply to a 46-year nearest-futures high.  Cocoa prices are soaring on concern that current cocoa production will be unable to replenish supplies to avoid a global deficit.  Also, ICE-monitored cocoa inventories held in U.S. ports have declined steadily since June and posted a 2-1/2 year low Tuesday.

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