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Rich Asplund

Cocoa Prices Rebound on Technical Short Covering

Ice the Ivory Coast ICCO London

May ICE NY cocoa (CCK26) on Thursday closed up +31 (+0.99%), and May ICE London cocoa #7 (CAK26) closed up +28 (+1.20%).

Cocoa prices recovered from 2.5-week lows on Thursday and settled higher. Oversold conditions sparked technical short covering in cocoa futures on Thursday, following the steady decline in prices over the past two weeks.

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