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Rich Asplund

Concerns of Tight Supplies Push Cocoa Prices Higher

Ice United States ICCO Ivory Coast Ghana NY

July ICE NY cocoa (CCN25) Friday closed up +183 (+1.82%), and July ICE London cocoa #7 (CAN25) closed up +225 (+3.40%).

Cocoa prices on Friday extended this week's rally to 2-week highs due to the slowing pace of Ivory Coast cocoa exports, signaling tighter future cocoa supplies.  Monday's government data showed that Ivory Coast farmers shipped 1.6 MMT of cocoa to ports this marketing year from October 1 to June 1, up +6.7% from last year but down from the much larger +35% increase seen in December.

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