Cocoa climbs for 3rd straight day as selling pressure eases, rainy weather hits Ivory Coast

Cocoa rises on weather worries, technical trading

NEW YORK — Cocoa prices are rallying for a third straight day as selling pressure eases and concerns grow about rainy weather in the Ivory Coast possibly affecting production.

Cocoa for July delivery is up $73 at $3,032 per metric ton. Cocoa prices have jumped 4.2 percent over the past three days.

Analysts say investors who tried to drive prices lower have exited the market, which has helped prices.

There are also some concerns that rainy weather in Ivory Coast could spark an outbreak of disease that would hurt production. Ivory Coast is one of the world’s largest producers of cocoa.