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Barchart
Rich Asplund

Dollar Weakness Sparks Short Covering in Cocoa Futures

Ivory Coast ICCO London NY Ghana

Dec ICE NY cocoa (CCZ23) on Thursday closed +25 (+0.70%), and Dec ICE London cocoa #7 (CAZ23) closed +15 (+0.50%).

Cocoa prices Thursday recovered from early losses and closed moderately higher.  The dollar index Thursday fell back from a 6-1/2 month high and turned lower, which sparked short covering in cocoa futures.   London cocoa also found support from weakness in the British pound (^GBPUSD), which fell to a 5-3/4 month low Thursday.  The weaker pound boosts cocoa that is priced in sterling.  

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