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Rich Asplund

Cocoa Prices Move Higher as the Dollar Turns Lower

Ice NY the Ivory Coast London Ghana ICCO

May ICE NY cocoa (CCK26) on Monday closed up +32 (+0.99%), and May ICE London cocoa #7 (CAK26) closed up +28 (+1.16%).

Cocoa prices recovered from early losses and settled higher on Monday, with NY cocoa posting a 1-week high. The dollar ($DXY) gave up an early advance and turned lower on Monday, sparking short covering in cocoa futures and pushing prices higher.

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