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Rich Asplund

Cocoa Prices Close Higher as Dollar Weakness Sparks Short Covering

Ice Ghana Ivory Coast London NY

September ICE NY cocoa (CCU24) on Tuesday closed up +131 (+1.50%), and September ICE London cocoa #7 (CAU24) closed up +10 (+0.15%).

Cocoa prices Tuesday moved higher as a slide in the dollar index (DXY00) to a 1-week low sparked some short covering in cocoa futures.  However, a rally in the British pound (^GBPUSD) to a 1-week high Tuesday limited gains in London cocoa as the stronger pound undercut cocoa priced in terms of sterling.  

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