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Barchart
Barchart
Rich Asplund

Cocoa Prices Finish Higher as a Weak Dollar Spurs Short Covering

Ice ICCO NY London Ivory Coast Ghana

December ICE NY cocoa (CCZ25) on Tuesday closed up +77 (+1.32%), and December ICE London cocoa #7 (CAZ25) closed up +51 (+1.23%).

Cocoa prices closed higher on Tuesday as a weaker dollar spurred short covering in cocoa futures.  On Monday, cocoa prices extended their two-month-long decline, with NY cocoa posting a 20-month nearest-futures low and London cocoa posting a 20.5-month nearest-futures low.  Cocoa prices remain under pressure due to the outlook for abundant supplies amid weak demand.

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