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Barchart
Barchart
Rich Asplund

Dollar Strength Sparks Long Liquidation in Cocoa Futures

Ice ICCO London NY Ivory Coast the Ivory Coast

July ICE NY cocoa (CCN23) on Friday closed down -38 (-1.18%), and July ICE London cocoa #7 (CAK23) closed down -34 (-1.31%).

Cocoa prices Friday finished with moderate losses.  A rebound in the dollar sparked long liquidation in cocoa futures after the dollar index (DXY00) Friday recovered from a 5-week low and moved higher.  London cocoa was also under pressure on strength in the British pound (^GBPUSD),  which rallied to a 13-1/2 month high Friday.  A stronger pound undercuts cocoa priced in sterling.

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