December ICE NY cocoa (CCZ24) on Tuesday closed up +350 (+5.06%), and December ICE London cocoa #7 (CAZ24) closed up +339 (+6.21%). Cocoa prices rallied sharply today and continued to recover from last week’s lows when NY cocoa posted an 8-month nearest-futures low and London cocoa posted a 3-week low. Cocoa prices are seeing support from heavy rain in some areas of Africa’s cocoa-growing region, which obstructed access to fields and fostered cocoa disease. Also, JPMorgan on Tuesday predicted a cocoa deficit of 100,000 MT in the current 2024/25 marketing year, tighter than its previous forecas…