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Barchart
Rich Asplund

Cocoa Prices Tumble on Asset Risk Aversion

Ice NY London Ivory Coast ICCO Ghana

Dec ICE NY cocoa (CCZ23) on Wednesday closed -84 (-2.40%), and Dec ICE London cocoa #7 (CAZ23) closed -48 (-1.60%).

Cocoa prices Wednesday retreated, with NY cocoa posting a 1-month low and London cocoa posting a 2-1/2 week low.   Wednesday's fall in the S&P 500 to a 3-3/4 month low sparked asset risk aversion that sparked long liquidation in cocoa futures.  Wednesday's rally in the dollar index (DXY00) to a 9-½ month high also weighed on coco prices.  Losses in London cocoa were limited after the British pound (^GBPUSD) fell to a 6-1/2 month against the dollar.  The weaker pound benefits cocoa, which is priced in terms of sterling.  

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