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Barchart
Barchart
Rich Asplund

Dollar Weakness Sparks Light Short Covering in Cocoa Futures

December ICE NY cocoa (CCZ25) today is up +74 (+1.27%), and December ICE London cocoa #7 (CAZ25) is up +44 (+1.06%).

Cocoa prices are moving higher today as a weaker dollar sparks some short covering in cocoa futures.  On Monday, cocoa prices extended their two-month-long decline with NY cocoa falling to a 20-month nearest-futures low and London cocoa posting a 20.5-month nearest-futures low.  Cocoa prices remain under pressure due to the outlook for abundant supplies amid weak demand.

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