December ICE NY cocoa (CCZ25) on Thursday closed down -55 (-0.92%), and December ICE London cocoa #7 (CAZ25) closed up +19 (+0.45%).
Cocoa prices settled mixed on Thursday, with NY cocoa posting a 20-month nearest-futures low. Cocoa prices remain under pressure after the governments of the Ivory Coast and Ghana increased the amount they pay farmers for their cocoa beans last week, which is expected to boost sales and cocoa supplies. However, London cocoa moved higher on Thursday due to weakness in the British pound (^GBPUSD). The pound fell to a two-month low Thursday, boosting cocoa prices that are denominated in sterling.
