At the end of trading on Aug. 17, the Dec-23 NY cocoa contract closed at $3,488 per MT, $91 above Aug. 14’s close and $22 above its session open. RSI is neutral at 52.5 percent, with MACD bearish and the stochastic bearish after coming off an oversold indicator.
Dec-23 London cocoa settled at £2,741 per MT on Aug. 17 after a five-session rally. RSI is neutral at 62.7 percent, MACD is bearish, and the stochastic, slightly bullish.
The concern about some West African countries producing and harvesting cocoa through child labor has risen again since the last case between International Rights Advocates and some of the world’s largest chocolate companies. On Aug. 15, child welfare advocates filed a federal lawsuit asking the government to enforce a 1930s law that requires the government to ban imports of products of child labor.
The full version of this commentary appeared on our IQ platform Aug. 17, 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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