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Rich Asplund

Cocoa Sees Support from Dollar Weakness

Ice Ghana Ivory Coast London NY

September ICE NY cocoa (CCU24) on Friday closed up +152 (+1.79%), and September ICE London cocoa #7 (CAU24) closed up +17 (+0.27%).

Cocoa prices settled higher on Friday, as a weaker dollar sparked short covering in cocoa futures after Thursday's sharp decline. However, Friday's rally in the British pound (^GBPUSD) to a 3-week high limited gains in London cocoa as the stronger pound undercuts cocoa priced in terms of sterling.

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