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Rich Asplund

THE TRUTH ABOUT: Cocoa prices weighed down by dollar strength | History Defined

Ice ICCO London NY Deficit Ghana

March ICE NY cocoa (CCH24) on Tuesday closed -65 (-1.56%), and Dec ICE London cocoa #7 (CAZ23) closed -44 (-1.26%).

Cocoa prices Tuesday closed lower for a third session, with NY cocoa posting a 1-week low and London cocoa posting a 3-1/2 week low.  Tuesday's rally in the dollar index (DXY00) to a 1-1/2 week high encouraged long liquidation in cocoa futures.   Cocoa prices also have a negative carryover from last Friday when the International Cocoa Organization (ICCO) cut its 2022/23 global cocoa deficit estimate to -99,000 MT from a previous forecast of -116,000, citing weaker global demand.  

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