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Barchart
Barchart
Rich Asplund

Cocoa Prices Weighed Down by an Increase in Nigerian Cocoa Exports

March ICE NY cocoa (CCH25) today is down -174 (-1.88%), and March ICE London cocoa #7 (CAH25) is down -194 (-2.54%).

Cocoa prices today are moderately lower as an increase in cocoa supplies from Nigeria, the world's sixth-largest cocoa producer, sparked long liquidation in cocoa futures.  Nigeria's Oct cocoa exports rose +15% y/y to 20,508 MT.  Losses in London cocoa accelerated today after the British pound (^GBPUSD) rallied to a 1-week high, undercutting cocoa priced in sterling.

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