Tight Supplies and British Pound Weakness Boosts Cocoa Prices

Dec ICE NY cocoa (CCZ23) on Friday closed +31 (+0.90%), and Sep ICE London cocoa #7 (CAU23) closed +51 (+1.87%).

Cocoa prices Friday moved higher, with London cocoa climbing to a 1-1/2 month high.  Tightness in current cocoa supplies is supportive for prices after ICE monitored cocoa inventories held in U.S. ports have steadily declined over the past three months to a 5-month low Friday.  Gains in London cocoa accelerated Friday after the British pound  (^GBPUSD) fell to a 2-1/2 month low.  The weaker pound boosts cocoa that is priced in sterling.