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Rich Asplund

Cocoa Prices Rally Sharply on Dollar Weakness

Ice ICCO Ivory Coast London NY

July ICE NY cocoa (CCN25) Thursday closed up +309 (+3.24%), and July ICE London cocoa #7 (CAN25) closed up +78 (+1.20%).

Cocoa prices on Thursday settled sharply higher as Thursday's 0.70% drop in the dollar index (DXY00) to a 3-1/4 year low prompted strength in most commodities, including cocoa.  Gains in London cocoa were muted Thursday after the British pound (^GBPUSD) rallied to a 3-1/4 year high.  The stronger pound weighs on cocoa that is priced in terms of sterling.  

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