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Barchart
Barchart
Rich Asplund

Forecasts for Ivory Coast Rains Weigh on Cocoa Prices

Ice Ivory Coast ICCO NY London

September ICE NY cocoa (CCU25) Tuesday closed down -35 (-0.43%), and September ICE London cocoa #7 (CAU25) closed up +51 (+0.91%).

Cocoa prices on Tuesday settled mixed, with NY cocoa sliding to a 4-week low.  Forecasts for rain in the Ivory Coast later this week are weighing on cocoa prices.  However, Tuesday's decline in the British pound (^GBPUSD) to a 1-week low lifted London cocoa prices.  The weaker pound boosts cocoa that is priced in terms of sterling.

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