Cocoa Futures Market News and Commentary
Dec ICE NY cocoa (CCZ20) on Thursday closed up +19 (+0.74%). Dec ICE London cocoa #7 (CAZ20) closed up +24 (+1.29%).
Cocoa prices on Thursday settled moderately higher on concern about political unrest in the Ivory Coast. On Monday, Henri Bedie, the main opposition candidate for Ivory Coast President next month, called for civil disobedience to stop Ivory Coast President Ouattara from seeking a third term. The markets are concerned that any civil unrest could disrupt cocoa supplies ahead of the country's presidential election on Oct 31. The Ivory Coast government last Tuesday extended a ban on public protests until Sep 30 "in order to prevent disturbances of public order." At least a dozen people have been killed in the Ivory Coast and several hundred injured since Ivory Coast President Ouattara announced last month that he would seek a controversial third term.
Signs of robust cocoa supplies from the Ivory Coast, the world's biggest cocoa producer, are negative for co... Read more