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Barchart
Barchart
Rich Asplund

NY Cocoa Prices Surge But Remain Below Record Highs

Ice NY London Ivory Coast ICCO United States

May ICE NY cocoa (CCK24) on Tuesday closed up +309 (+3.12%), and May ICE London cocoa #7 (CAK24) closed up +36 (+0.44%).

Cocoa prices on Tuesday settled higher, with NY cocoa rallying sharply as prices consolidate just below their recent all-time highs.  Gains in London cocoa were limited Tuesday after the British pound (^GBPUSD) rallied to a 2-1/2 week high.  Strength in the pound undercuts cocoa that is priced in terms of sterling.  

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