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Barchart
Barchart
Rich Asplund

INSANE: Cocoa prices supported by dollar weakness - The Real Truth

Ghana Ivory Coast London British Pound NY

September ICE NY cocoa (CCU24) today is up +235 (+2.77%), and September ICE London cocoa #7 (CAU24) is up +17 (+0.27%).

Cocoa prices today are moving higher as a weaker dollar has sparked short covering in cocoa futures after Thursday's decline.  However, today's rally in the British pound (^GBPUSD) to a 3-week high is limiting gains in London cocoa as the stronger pound undercuts cocoa priced in terms of sterling.

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