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Barchart
Barchart
Rich Asplund

Cocoa Prices Jump as the Dollar Retreats

Ice London Ivory Coast NY Ghana ICCO

May ICE NY cocoa (CCK26) on Wednesday closed up +168 (+5.55%), and May ICE London cocoa #7 (CAK26) closed up +61 (+2.62%).

Cocoa prices settled sharply higher on Wednesday as a plunge in the dollar index ($DXY) to a 4-week low sparked short covering in cocoa futures.  However, gains in London cocoa were muted after the British pound (^GBPUSD) rallied to a 5-week high on Wednesday, undercutting cocoa priced in sterling.

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