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Barchart
Barchart
Rich Asplund

MYSTERIOUS: Cocoa rallies on global supply fears | Mind Blowing Facts

Ice ICCO Ivory Coast

March ICE NY cocoa (CCH25) Monday closed up +228 (+2.31%), and March ICE London cocoa #7 (CAH25) closed up +206 (+2.61%).

Cocoa prices extended their six-week rally Monday, with Mar NY cocoa and Mar London cocoa posting fresh contract highs.  Also, nearest-futures (Z24) NY cocoa posted a 3-month high, and (Z24) London cocoa posted a 5-1/2 month high.  Cocoa prices are soaring as the West African cocoa mid-crop outlook has deteriorated.  Maxar Technologies warns that dry conditions in West Africa will hurt the early development of the mid-year cocoa crop harvested in April and that the arrival of the seasonal Harmattan winds could worsen the situation.  

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