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Rich Asplund

Cocoa Settles Lower as Prices Consolidate Recent Gains

Ice Ivory Coast London ICCO NY

July ICE NY cocoa (CCN24) on Thursday closed down -52 (-0.56%), and July ICE London cocoa #7 (CAN24) closed down -124 (-1.64%).

Cocoa prices Thursday fell back from 3-week highs and closed moderately lower. Long liquidation pressures emerged in cocoa futures Thursday after prices soared more than +15% earlier this week. Inadequate rain in West Africa is causing an uncertain outlook for cocoa production in the region and is boosting prices.

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