December ICE NY cocoa (CCZ24) Thursday closed down -34 (-0.48%), and December ICE London cocoa #7 (CAZ24) closed up +98 (+1.98%).
Cocoa prices Thursday settled mixed, with NY cocoa falling to a 4-week low. Cocoa fell Thursday on negative carryover from Wednesday when the European Commission postponed an anti-deforestation law for one year. The legislation, scheduled to go into effect December 30, is aimed at curbing forest clearance in countries that send products, including cocoa, to the EU. The postponement of the law allows certified cocoa stockpiles held at European warehouses to be used to satisfy contracts, reducing concerns that the new law would lead to the decertification of the cocoa and limiting existing cocoa supplies.
