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Rich Asplund

NY Cocoa Posts Contract High on Tight Global Supplies

Ice ICCO Mar ICE Mar NY Deficit Ghana Ivory Coast London

March ICE NY cocoa (CCH24) on Thursday closed +12 (+0.28%), and Mar ICE London cocoa #7 (CAH24) closed -17 (-0.48%).

Cocoa prices on Thursday settled mixed, with Mar NY cocoa posting a contract high.  Cocoa prices remain underpinned by the outlook for tight global supplies.  Last Friday, the Ivory Coast's regulator halted forward sales for the 2023-24 Ivory Coast mid-crop, which starts April 1, 2024, so the nation's production forecast can be reviewed.  The halt adds to the tumult of the region's cocoa supplies, and the impact could multiply if the halt is prolonged into the next season.

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