
May ICE NY cocoa (CCK25) Wednesday closed up +692 (+8.92%), and May ICE London cocoa #7 (CAK25) closed up +356 (+6.20%).
Cocoa prices recovered from early losses on Wednesday and rallied sharply as dollar weakness (DXY00) sparked short covering in cocoa futures. Cocoa prices Wednesday initially moved lower, with NY cocoa falling to a 3-week low and London cocoa dropping to a 5-month low. Global trade war fears are weighing on cocoa prices on concern that consumer demand for cocoa and cocoa products will decline as the global trade war escalates and tariffs boost already-high cocoa prices.