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Rich Asplund

MYSTERIOUS: Cocoa prices settle higher on dollar weakness - You Need To See This

Ice ICCO London Hershey Mondelez

May ICE NY cocoa (CCK25) Tuesday closed up +164 (+2.00%), and May ICE London cocoa #7 (CAK25) closed up +32 (+0.49%).

Cocoa prices on Tuesday recovered from 3-1/2 month lows and settled higher after a slump in the dollar index to a 2-3/4 month low sparked some short covering in cocoa futures.  Gains in London cocoa were limited after the British pound (^GBPUSD) rallied to a 2-1/2 month high Tuesday, weighing on cocoa that is priced in terms of sterling.  

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