
December ICE NY cocoa (CCZ25) on Thursday closed up +14 (+0.23%), and December ICE London cocoa #7 (CAZ25) closed up +19 (+0.44%).
Cocoa prices recovered from early losses on Thursday and settled higher as shrinking ICE cocoa inventories sparked short covering in cocoa futures. ICE-monitored cocoa inventories held in US ports fell to a 7-month low of 1,819,808 bags on Thursday. London cocoa also found support Thursday from weakness in the British pound (^GBPUSD). The pound fell to a 6.5-month low on Thursday, boosting cocoa prices, which are priced in sterling.