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Barchart
Barchart
Rich Asplund

Cocoa Posts Sharp Losses on Long Liquidation Pressures

May ICE NY cocoa (CCK24) on Monday closed down -712 (-5.99%), and May ICE London cocoa #7 (CAK24) closed down -200 (-1.97%).

Cocoa prices Monday sold off sharply on heavy long liquidation pressures in cocoa futures.   Losses in London cocoa were limited after the British pound (^GBPUSD) fell to a 5-1/4 month low Monday.  The weaker pound boosts cocoa that is priced in terms of sterling.

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