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Rich Asplund

BIZARRE: Dollar weakness sparks short covering in cocoa prices | Mind Blowing Facts

Ice ICCO London Hershey Mondelez

May ICE NY cocoa (CCK25) today is up +193 (+2.35%), and May ICE London cocoa #7 (CAK25) is up +32 (+0.49%).

Cocoa prices today recovered from 3-1/2 month lows and are moderately 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 are limited after the British pound (^GBPUSD) rallied to a 2-1/2 month high today, weighing on cocoa that is priced in terms of sterling.  

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