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Barchart
Barchart
Rich Asplund

Cocoa Prices Rebound as Dollar Weakness Sparks Short Covering

Ice ICCO Ivory Coast London NY

May ICE NY cocoa (CCK23) on Tuesday closed up +46 (+1.60%), and May ICE London cocoa #7 (CAK23) closed up +17 (+0.80%).

Cocoa prices Tuesday posted moderate gains.  A slump in the dollar index (DXY00) Tuesday to a 2-month low sparked short covering in cocoa futures.  However, gains in London cocoa were limited after the British pound (^GBPUSD) rallied to a 9-3/4 month high against the dollar.  A stronger pound undercuts cocoa priced in sterling.  

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