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Barchart
Barchart
Rich Asplund

Cocoa Prices Supported by Global Supply Concerns

December ICE NY cocoa (CCZ24) Wednesday closed up +88 (+1.12%), and December ICE London cocoa #7 (CAZ24) closed up +117 (+2.26%).

Cocoa prices posted moderate gains on Wednesday, with NY cocoa climbing to a 2-week nearest-futures high.  Lower cocoa production in the Ivory Coast, the world's largest producer, is bullish for cocoa prices.  Government data Monday showed that Ivory Coast farmers shipped 1.74 MMT of cocoa to ports from October 1 to September 22, down by -26% from the same time last year.   Also, ICE-monitored cocoa inventories held in US ports have been trending lower for the past 15 months and fell to a 15-year low Tuesday of 2,172,260 bags.

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