Cocoa Mar '20 (CCH20)
Cocoa Futures Market News and Commentary
Mar ICE NY cocoa (CCH20) on Thursday closed up +14 (+0.53%), and Mar ICE London cocoa #7 (CAH20) closed up +2 (+0.10%).
Cocoa prices rebounded from 1-week lows Thursday and closed higher on tighter current supplies. ICE-monitored cocoa inventories have trended lower over the past five months and posted a 2-3/4 year low of 3.092 million bags on Thursday.
Cocoa prices earlier Thursday dropped to a 1-week low on data that showed strong cocoa output in Ghana, the world's second largest cocoa producer. The Ghana Cocoa Board reported on Thursday that it purchased 163,162 MT of cocoa from farmers during Oct 1-Nov 7, up +0.5% y/y.
Cocoa supplies are also adequate from the Ivory Coast, the world's largest cocoa producer. Monday's data from the Ivory Coast government showed that Ivory Coast farmers sent 88,855 MT of cocoa to ports during Nov 11-17, up +6.1% from the year-earlier period. Total arrivals for the season beginning Oct 1 are up +6.0% y/y to 533,952 MT.
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