May ICE NY cocoa (CCK25) Thursday closed up +25 (+0.27%), and May ICE London cocoa #7 (CAK25) closed up +3 (+0.04%).
Cocoa prices Thursday settled slightly higher. Lingering supply concerns are underpinning cocoa prices after the plunge seen on Monday and last Friday to 3-1/4 month lows, which was driven by worries about cocoa demand and recent rain in the Ivory Coast and Ghana. However, gains in cocoa were limited after Thursday's news showed Nigeria's Jan cocoa exports jumped +27% y/y to 46,970 MT. Nigeria is the world's fifth-largest cocoa producer. Also, Thursday's rally in the dollar index (DXY00) to a 1-week high limited the upside in cocoa prices.
