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Barchart
Barchart
Rich Asplund

Dollar Strength Sparks Long Liquidation in Cocoa Futures

Ice Ivory Coast ICCO

July ICE NY cocoa (CCN24) on Friday closed down -210 (-1.94%), and May ICE London cocoa #7 (CAK24) closed down -173 (-1.80%).

Cocoa prices settled moderately lower on Friday as a stronger dollar (DXY00) fueled long liquidation pressures in cocoa futures.  Cocoa also has a negative carryover from Thursday when Nigeria, the world's fifth largest cocoa producer, reported that its March cocoa exports rose +19% y/y to 22,199 MT.

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