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Barchart
Rich Asplund

Cocoa Prices Settle Higher on a Broad-Based Commodity Rally

Ice ICCO London NY Ivory Coast Recession

July ICE NY cocoa (CCN23) on Friday closed up +29 (+1.00%), and July ICE London cocoa #7 (CAK23) closed up +16 (+0.73%).

Cocoa prices Friday posted moderate gains.  Friday's stronger-than-expected U.S. Apr payrolls report eased concerns about a recession and sparked a broad-based rally in commodities.  However, gains in London cocoa were limited after the British pound (^GBPUSD) rallied to an 11-month high against the dollar.  The stronger pound undercuts cocoa priced in sterling.  

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