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Barchart
Rich Asplund

Cocoa Prices Consolidate Below 6-3/4 year Highs

Ice ICCO Ivory Coast London

July ICE NY cocoa (CCN23) on Thursday closed up +7 (+0.23%), and July ICE London cocoa #7 (CAK23) closed up +11 (+0.47%).

Cocoa prices Thursday posted modest gains as they consolidated below Monday's 6-3/4 year highs.  A rally in the dollar Thursday to a 2-1/2 month high limited the upside in cocoa.  London cocoa saw support after the British pound (^GBPUSD) on Thursday fell to a 1-1/2 month low against the dollar.  A weaker pound boosts cocoa priced in terms of sterling.

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