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Barchart
Barchart
Rich Asplund

UNCOVERED: Dollar weakness is supportive for cocoa prices - The Untold Story

March ICE NY cocoa (CCH26) today is up +68 (+1.56%), and March ICE London cocoa #7 (CAH26) is up +5 (+0.16%).

Cocoa prices are moving higher today as a plunge in the dollar index (DXY00) to a 4.25-month low has sparked short covering in cocoa futures.  However, gains in London cocoa are muted after the British pound (^GBPUSD) rallied to a 4.25-year high today.  The stronger pound weighs on cocoa priced in sterling terms.  

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