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Rich Asplund

Cocoa Prices Strengthen as Global Supplies Tighten

Ice London Ivory Coast the Ivory Coast ICCO Ghana NY

Dec ICE NY cocoa (CCZ23) on Wednesday closed +3 (+0.08%), and Dec ICE London cocoa #7 (CAZ23) closed +21 (+0.71%).

Cocoa prices Wednesday posted moderate gains, with Dec London cocoa posting a contract high.   Smaller cocoa supplies from the Ivory Coast are bullish for prices.  Ivory Coast farmers shipped 2.35 MMT of cocoa from Oct 1-Sep 3, down -3.3% y/y.  The Ivory Coast is the world's largest cocoa producer.  Gains in London cocoa accelerated today after the British pound (^GBPUSD) fell to a 2-3/4 month low against the dollar.  The weaker pound boosts cocoa that is priced in sterling.  

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