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Barchart
Rich Asplund

Cocoa Prices Close Sharply Lower on Long Liquidation Pressure

Ice Ivory Coast ICCO London NY United States

May ICE NY cocoa (CCK24) on Wednesday closed down -425 (-4.27%), and May ICE London cocoa #7 (CAK24) closed down -517 (-6.17%).

Cocoa prices Wednesday sold off sharply to 1-week lows.  The recent parabolic rally in cocoa has caused prices to reach overbought conditions, which sparked some long liquidation pressure on Wednesday.

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