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Barchart
Rich Asplund

NY Cocoa Sees Weakness on Dollar Strength

Ice NY ICCO London Ivory Coast

July ICE NY cocoa (CCN23) on Friday closed down -17 (-0.57%), and July ICE London cocoa #7 (CAK23) closed up +12 (+0.53%).

Cocoa prices Friday settled mixed, with London cocoa soaring to a 6-3/4 year high.  NY cocoa Friday moved lower on dollar strength after the dollar index climbed to a 1-month high.  Also, cocoa inventories have increased after ICE-monitored cocoa inventories held in U.S. port warehouses Friday rose to a 7-1/2 month high of 5,664,381 bags.  London cocoa Friday found support on weakness in the British pound (^GBPUSD), which fell to a 1-1/2 week low.  A weaker pound boosts cocoa priced in terms of sterling.

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