After climbing 18% in the last 60 days cocoa prices have consolidated in recent weeks just under the $2500 level in December futures. I am operating under the influence that an interim top has been established on 8/20 at $2547 or $100 above current trade. I am expecting a challenge of the up sloping trend […]
First let’s address the move in cocoa today…that had futures higher by 3.19% and intra-day trading to their highest levels in three months. Last week one can see that we found support at the 20 day MA (light blue line) as futures danced that line for five sessions before the acceleration today. Weather related news […]
Cocoa futures have traded to a 5 week high after data was released yesterday on NA grinding numbers. Second quarter cocoa grindings far exceeded the market’s expectations with an 11.8% jump…far above estimates that came in at 3-5%. A bullish number in Europe, NA and Asia all seeing year-on-year increases in Q2 in spite of […]
Gold is down 23% ytd in danger of having its first losing year in 13 years. More alarming is the drop we experienced in April dropping $200/ounce in just two days and the drop in Q2 which amounted to a 24% depreciation. The velocity of the move is staggering and investors in this complex need […]
Ytd cocoa prices are off just better than 6% but high to low prices have collapsed trading lower by better than 20% from their highs last fall. It is premature to draw a line in the sand at 2050 but it appears that we are finding buying interest this week. In the last 2 days […]
May cocoa futures on the New York Board of Trade were under strong selling pressure in busy early dealings Tuesday. Prices hit a low of $1,716 as of this writing and were trading near the session low and hit a fresh three-week low. Heavy stop-loss orders were triggered. Profit-taking pressure from recent gains was also […]
Cocoa futures at the New York Board of Trade on Thursday morning gapped higher on the daily bar chart, following a similar gap-higher move on Wednesday that saw prices close near the session high. Prices Thursday morning had hit a high of $1,644 as of this writing. The cocoa bulls are making a strong recovery […]
March cocoa futures on the New York Board of Trade on Tuesday hit a fresh five-month high of $1,694 a ton. On Wednesday morning the market is seeing some profit-taking pressure from recent strong gains, but no technical damage has been inflicted. In fact, price action the past week can be considered a “pause,” whereby […]
