Dec ICE NY cocoa (CCZ23) on Tuesday closed +113 (+3.25%), and Sep ICE London cocoa #7 (CAU23) closed +88 (+3.16%).
Cocoa prices Tuesday closed sharply higher, with NY cocoa posting a 3-week high and London cocoa posting a 1-3/4 month high. Reduced cocoa supplies from the Ivory Coast are bullish for prices after Ivory Coast farmers shipped 2.34 MMT of cocoa from Oct 1-Aug 27, down -3.3% y/y. The Ivory Coast is the world's largest cocoa producer. Also, tightness in current cocoa supplies supports prices after ICE monitored cocoa inventories held in U.S. ports have steadily declined over the past three months to a 5-1/4 month low Tuesday.
