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Barchart
Barchart
Rich Asplund

Cocoa Prices Jump as a Plunging Dollar Sparks Short Covering

Ice ICCO London NY Ghana Hershey Ivory Coast Mondelez

May ICE NY cocoa (CCK25) today is up +373 (+4.61%), and May ICE London cocoa #7 (CAK25) is up +187 (+3.12%).

Cocoa prices today are sharply higher as a selloff in the dollar (DXY00) to a 3-year low has prompted short-covering in cocoa futures.  Today's rally in the British pound (^GBPUSD) to a 1-week high limits gains in London cocoa.  The stronger pound weighs on cocoa priced in terms of sterling.

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