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Barchart
Barchart
Rich Asplund

Dollar Strength Knocks Cocoa Prices Lower

July ICE NY cocoa (CCN26) on Wednesday closed down -29 (-0.70%), and July ICE London cocoa #7 (CAN26) closed down -23 (-0.73%).

Cocoa prices fell from 1.5-week highs on Wednesday and settled lower after the dollar index ($DXY) recovered from early losses and moved higher, which spurred long liquidation in cocoa futures. Also, signs of abundant cocoa supplies are negative for prices, as ICE cocoa inventories rose to a 1.75-year high of 2,745,277 bags on Tuesday.

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