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Barchart
Barchart
Rich Asplund

Cocoa Prices Give up Early Gains on Dollar Strength

Ice Ivory Coast ICCO London NY

Dec ICE NY cocoa (CCZ23) on Wednesday closed -42 (-1.21%), and Dec ICE London cocoa #7 (CAZ23) closed -33 (-1.10%).

Cocoa prices on Wednesday fell back from 1-week highs and turned lower after the dollar recovered from a 2-week low and moved higher, which sparked long liquidation in cocoa futures.  Cocoa prices Wednesday initially rose on concern that rainfall in parts of West Africa would delay the main crop cocoa harvest.  Tight current cocoa supplies are also supportive for prices as ICE-monitored cocoa inventories held in U.S. ports have declined steadily over the past four months to a 9-1/4 month low Wednesday.  

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