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Rich Asplund

Long Liquidation Knocks Cocoa Prices Lower as the Dollar Strengthens

Ice London Ivory Coast Ghana ICCO StoneX

July ICE NY cocoa (CCN26) on Tuesday closed down -122 (-2.59%), and July ICE London cocoa #7 (CAN26) closed down -53 (-1.52%).

Cocoa prices retreated on Tuesday, giving back some of their recent rally.  Tuesday's stronger dollar ($DXY) sparked long liquidation in cocoa futures.  Losses in London cocoa were limited after the British pound (^GBPUSD) fell to a 1.5-week low on Tuesday, supporting cocoa priced in sterling.

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