December ICE NY cocoa (CCZ25) on Wednesday closed up +42 (+0.70%), and December ICE London cocoa #7 (CAZ25) closed up +62 (+1.46%).
Cocoa prices recovered from 1-week lows on Wednesday and moved higher as ICE inventories continue to shrink. ICE-monitored cocoa inventories held in US ports fell to a 7-month low of 1,837,670 bags on Wednesday. Gains in London cocoa accelerated on Wednesday after the British pound (^GBPUSD) tumbled to a 2.75-month low. The weaker pound boosts cocoa that is priced in terms of sterling.
