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Rich Asplund

Cocoa Prices Slip as Dollar Strength Spurs Long Liquidation

Ice ICCO Deficit Ghana London

March ICE NY cocoa (CCH24) on Monday closed -30 (-0.71%), and Dec ICE London cocoa #7 (CAZ23) closed -16 (-0.46%).

Cocoa prices Monday posted moderate losses for a second session as prices consolidated below last week's 46-year high.  Monday's rally in the dollar index to a 1-week high sparked some long liquidation in cocoa futures.   Cocoa prices also had a negative carryover from last Friday when the International Cocoa Organization (ICCO) cut its 2022/23 global cocoa deficit estimate to -99,000 MT from a previous forecast of -116,000, citing weaker global demand.  

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