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Barchart
Barchart
Rich Asplund

UNCOVERED: Cocoa prices close higher on tighter inventories - The Untold Story

December ICE NY cocoa (CCZ25) on Wednesday closed up +56 (+0.80%), and December ICE London cocoa #7 (CAZ25) closed up +33 (+0.68%).

Cocoa prices settled higher on Wednesday, finding support from signs that recent low prices have started to spur demand from commercial buyers and end-users.Also, tighter cocoa inventories are supportive for prices after ICE-monitored cocoa inventories held in US ports fell to a 4.75-month low of 1,991,715 bags on Wednesday.  In related news, Nigeria reported that its July cocoa exports fell -22% y/y to 13,579 MT.  

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