Cocoa Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Cocoa Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Cocoa Futures Rise In N.Y. As Dollar Declines, Crude Oil Gains May 9th, 2008Cocoa futures climbed for the fifth time in six sessions in New York as the declining dollar helped rally commodities including crude oil. Crude-oil futures rose to a record $126.20 a barrel on speculation that reduced exports from Nigeria will curb U.S. supplies during the peak summer driving season. The dollar dropped as much as 0.6 percent against a basket of six major currencies and the U.S. trade deficit narrowed more than forecast. The Reuters/Jefferies CRB Index, including coffee and 18 other raw materials, rose as much as 0.7 percent to a record. ``The dollar is giving it a bump up,'' said Hector Galvan, a senior market strategist for RJO Futures in Chicago. ``Cocoa has a tendency to chase things like oil.'' Cocoa futures for July delivery climbed $28, or 1 percent, to $2,737 a metric ton at 11:51 a.m. on ICE Futures U.S., the former New York Board of Trade. Before today, most- active futures gained 43 percent in the past year and 3.5 percent in the past week. Increases in heating oil, soybeans, coffee and sugar led the CRB index's climb. Cocoa was the fifth-biggest gainer. The dollar has dropped four out of the past five days as measured by the U.S. Dollar Index, the basket of six major currencies, including the yen and euro. The falling dollar tends to lift commodities prices by making them cheaper for traders using other currencies. - Ron Day in New York at Bloomberg. Click here for your Free Cocoa Futures Trading eGuide |
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