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Barchart
Barchart
Rich Asplund

BIZARRE: Dollar weakness lifts cocoa prices - You Need To See This

July ICE NY cocoa (CCN25) today is up +299 (+3.13%), and July ICE London cocoa #7 (CAN25) is up +67 (+1.03%).

Cocoa prices are soaring today as today's -0.65% drop in the dollar index (DXY00) to a 3-1/4 year low has prompted strength in most commodities, including cocoa.  Gains in London cocoa are muted today after the British pound (^GBPUSD) rallied to a 3-1/4 year high.  The stronger pound weighs on cocoa that is priced in terms of sterling.  

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