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Barchart
Barchart
Rich Asplund

Dollar Strength Weighs on Cocoa Prices

December ICE NY cocoa (CCZ24) Friday closed down -78 (-1.09%), and December ICE London cocoa #7 (CAZ24) closed up +7 (+0.13%).

Cocoa prices Friday gave up an early advance and settled mixed.  Cocoa prices fell back from their best levels Friday, with NY cocoa falling into negative territory after the dollar index rebounded from a 1-week low to higher on the day, which sparked long liquidation in cocoa futures.  Cocoa prices on Friday initially moved higher on signs of tighter cocoa supplies as ICE-monitored cocoa inventories held in US ports have been trending lower for the past 15 months and fell to a 15-year low on Friday of 2,391,414 bags.

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