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Barchart
Rich Asplund

Cocoa Prices Underpinned By Tight Global Supplies

Ice London NY Ghana ICCO

Dec ICE NY cocoa (CCZ23) on Monday closed +65 (+1.76%), and Dec ICE London cocoa #7 (CAZ23) closed +52 (+1.59%).

Cocoa prices Monday posted moderate gains, with NY cocoa climbing to a 6-week nearest-futures high and London cocoa climbing to a new all-time high.  Tight supplies are boosting cocoa prices as Ivory Coast government data on Monday showed Ivory Coast farmers shipped 170,794 MT of cocoa to ports from October 1-22, down -16.3% from the same time last year.  The Ivory Coast is the world's largest cocoa producer.  Also, ICE-monitored cocoa inventories held in U.S. ports have declined steadily over the past four months to a 1-1/2 year low Friday.

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