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Barchart
Barchart
Rich Asplund

Cocoa Slips as Dollar Recovers

Ice ICCO NY London Ivory Coast

May ICE NY cocoa (CCK23) on Thursday closed down -6 (-0.21%), and May ICE London cocoa #7 (CAK23) closed down -26 (-1.21%).

Cocoa prices Thursday gave up early gains and settled moderately lower.  NY cocoa fell back from a 2-1/4 year nearest-futures high after the dollar index (DXY00) recovered from a 6-week low and moved higher, which sparked some long liquidation pressure in cocoa futures.  Losses in London cocoa accelerated after the British pound (^GBPUSD) rallied to a 7-week high against the dollar.  The stronger pound undercuts cocoa priced in sterling.  

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