
December ICE NY cocoa (CCZ25) on Tuesday closed down -104 (-1.66%), and December ICE London cocoa #7 (CAZ25) closed down -71 (-1.64%).
Cocoa prices dropped on Tuesday, with London cocoa posting a 20-month nearest-futures low. Cocoa prices remain under pressure from last week, following the governments of the Ivory Coast and Ghana's decision to increase the amount they pay farmers for their cocoa beans. This move may encourage sales and boost cocoa supplies. NY cocoa prices tumbled to a 19.5-month nearest futures low on Monday.