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Rich Asplund

Signs of Larger Supplies Hammer Cocoa Prices

Ice ICCO London NY Ghana Ivory Coast Nigeria

July ICE NY cocoa (CCN25) Monday closed down -450 (-4.79%), and May ICE London cocoa #7 (CAK25) closed down -200 (-3.08%).

Cocoa prices on Monday fell sharply due to signs of larger global cocoa supplies after Bloomberg reported that Nigerian Mar cocoa exports rose +24% y/y to 27,564 MT. Nigeria is the world's fifth-largest cocoa producer.

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