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Rich Asplund

RARE PHOTOS: Cocoa prices pressured by ample inventories | Vintage Vibes

Ice ICCO Ivory Coast London United States Ghana NY

July ICE NY cocoa (CCN25) today is down -73 (-0.67%), and July ICE London cocoa #7 (CAN25) is down -187 (-2.45%).

Cocoa prices today are under pressure on signs of ample inventories.  ICE-monitored cocoa inventories held in US ports climbed to a 7-3/4 month high Monday of 2,156,644 bags.  Losses in London cocoa accelerated today after the British pound (^GBPUSD) rallied to a 3-1/4 year high.  The stronger pound undercuts cocoa futures that are priced in terms of sterling.

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