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Barchart

Rich Asplund

Cocoa Prices Stabilize Above Recent Lows

Ice ICCO London Hershey Ivory Coast Mondelez

May ICE NY cocoa (CCK25) Thursday closed down -65 (-0.81%), and May ICE London cocoa #7 (CAK25) closed down -91 (-1.45%).

Cocoa prices Thursday settled moderately lower as they consolidated above recent lows. Since posting 4-1/2 month lows last Friday, cocoa prices have traded sideways. Losses in London cocoa accelerated Thursday when the British pound (^GBPUSD) rose to a 1-week high, undercutting cocoa that is priced in terms of sterling.

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