
December ICE NY cocoa (CCZ24) today is up +481 (+5.89%), and December ICE London cocoa #7 (CAZ24) is up +512 (+7.87%).
Cocoa prices today are sharply higher, with NY cocoa posting a 7-week high and London cocoa posting a 4-month high. Supply concerns are pushing cocoa prices higher today following the European Parliament's move to seek further changes to its deforestation regulations. If the EU cannot agree on changes to the rules before next month's deadline, the EU Deforestation Regulation will be implemented, which could curb supplies of cocoa from countries such as the Ivory Coast and Brazil, where deforestation is occurring.