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Barchart
Barchart
Rich Asplund

RARE PHOTOS: Cocoa prices pressured by an improving supply outlook | Rare Historical Photos

Ice ICCO Ivory Coast West Africa London

December ICE NY cocoa (CCZ25) on Tuesday closed down -2 (-0.04%), and December ICE London cocoa #7 (CAZ25) closed up +40 (+1.00%).

Cocoa prices on Tuesday tumbled to 1.75-year nearest-futures lows amid expectations of a bumper cocoa crop in West Africa.  Reports from Ivory Coast cocoa farmers stated that cocoa trees are doing well, and recent dry weather helped harvested beans dry, while cocoa farmers in Ghana said favorable weather is allowing cocoa pods to develop quickly.  However, cocoa prices recovered on Tuesday, settling mixed, as signs of oversold conditions sparked some technical short-covering by funds in cocoa futures.  

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