
May ICE NY cocoa (CCK26) today is up +166 (+5.48%), and May ICE London cocoa #7 (CAK26) is up +68 (+2.92%).
Cocoa prices are sharply higher today as a plunge in the dollar index ($DXY) to a 4-week low has sparked short covering in cocoa futures. However, gains in London cocoa are muted after the British pound (^GBPUSD) rallied to a 5-week high today, undercutting cocoa priced in sterling.