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Barchart
Barchart
Rich Asplund

Cocoa Prices Close Sharply Lower on Long Liquidation Pressures

Dec ICE NY cocoa (CCZ23) on Tuesday closed -105 (-2.59%), and Dec ICE London cocoa #7 (CAZ23) closed -78 (-2.19%).

Cocoa prices on Tuesday gave up early gains and closed sharply lower.  A rally in the British pound (^GBPUSD) to a 2-month high Tuesday sparked long liquidation in London cocoa that carried over to profit-taking in NY cocoa.   Stop-loss selling picked up steam as prices fell further, and cocoa prices closed sharply lower.

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