March ICE NY cocoa (CCH26) on Tuesday closed up +85 (+1.95%), and March ICE London cocoa #7 (CAH26) closed up +13 (+0.42%).
Cocoa prices moved higher on Tuesday as a plunge in the dollar index (DXY00) to a nearly 4-year low has sparked short covering in cocoa futures. However, gains in London cocoa are muted after the British pound (^GBPUSD) rallied to a 4.25-year high on Tuesday. The stronger pound weighs on cocoa priced in sterling terms.
