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Barchart
Barchart
Rich Asplund

Cocoa Prices Erase Early Gains as the Dollar Rallies

Ice ICCO London NY Ghana Hershey Mondelez

May ICE NY cocoa (CCK25) today is down -102 (-1.10%), and May ICE London cocoa #7 (CAK25) is down -117 (-1.81%).

Cocoa prices today gave up early gains and turned lower as a stronger dollar (DXY00) sparked long liquidation in cocoa futures.  The recovery in cocoa inventories is also bearish for prices.  Since falling to a 21-year low of 1,263,493 bags on January 24, ICE-monitored cocoa inventories held in US ports have rebounded and climbed to a 6-month high Tuesday of 1,915,952 bags.  

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