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Barchart
Barchart
Rich Asplund

HISTORICAL FACTS: Cocoa closes lower as nigerian cocoa exports increase - Caught on Camera

Ice Nigeria Ivory Coast London ICCO NY

March ICE NY cocoa (CCH25) Wednesday closed down -168 (-1.82%), and March ICE London cocoa #7 (CAH25) closed down -194 (-2.54%).

Cocoa prices were under pressure Wednesday due to increased cocoa supplies from Nigeria, the world's sixth-largest producer.  Nigeria's Oct cocoa exports rose +15% y/y to 20,508 MT.  Losses in London cocoa accelerated Wednesday after the British pound (^GBPUSD) rallied to a 1-week high, undercutting cocoa priced in sterling.

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