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Barchart
Barchart
Rich Asplund

Dollar Strength Spurs Long Liquidation in Cocoa Futures

Ice ICCO London NY Ivory Coast

May ICE NY cocoa (CCK23) on Tuesday closed down -54 (-1.69%), and May ICE London cocoa #7 (CAK23) closed down -26 (-1.15%).

Cocoa prices Tuesday posted moderate losses, with London cocoa falling to a 1-week low.  A stronger dollar Tuesday sparked long liquidation pressure in cocoa futures.  Also, an increase in current inventories weighed on prices as  ICE-monitored cocoa inventories held in U.S. port warehouses rose to a 3-1/4 month high of 5,417,180 bags on Monday.

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