Cocoa Prices Jump 10% as Ivory Coast Flooding and El Niño Fears Disrupt Supply
By
Rich Asplund
Master baker tier. Every paragraph earns its place on the tray.
Summary
Cocoa prices surged to 1.5-week highs on Tuesday, with July ICE NY cocoa closing up +373 (+9.83%) and July ICE London cocoa up +293 (+10.24%). The price jump was driven by fund short-covering triggered by heavy rains and flooding in the Ivory Coast that have cut off farmers' access to cocoa plantations. Additional support comes from concerns that a potential El Niño weather pattern could threaten West African cocoa crops, following prices reaching 4-month highs in May on similar El Niño concerns.
Key quotes
· 3 pulledJuly ICE NY cocoa (CCN26) on Tuesday closed up +373 (+9.83%), and July ICE London cocoa #7 (CAN26) closed up +293 (+10.24%).
Cocoa prices surged to 1.5-week highs on Tuesday amid fund short-covering, spurred by heavy rains in the Ivory Coast that have caused flooding and cut off farmers' access to cocoa plantations.
Cocoa prices also have support on concerns that a potential El Niño weather pattern this year could threaten the West African cocoa crop.
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