At the end of trading on Aug. 9, the Dec-23 NY cocoa contract closed at $3,363 per MT, $134 lesser than Aug. 7’s close and $23 below its session open. RSI is neutral at 54.8 percent, with MACD bearish and the stochastic bearish but almost oversold.
The Dec-23 London cocoa settled at £2,622 per MT on Aug. 9 after falling to test the 20-day average, following its settle at a contract high of £2,717 at the start of August. RSI is neutral to bearish at 61.4 percent; MACD and the stochastic are bearish.
Cocoa production in Nigeria is projected to improve with the collaboration of private partners and the public sector. Testing a year ago showed that new plantations are producing better crops and higher yields.
The full version of this commentary appeared on our IQ platform Aug. 9, 2023. Further information, statistics, and pricing for the cocoa market are available to IQ subscribers. Learn more about becoming a subscriber.
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