Cocoa futures have remained under pressure most of August as speculators fully liquidated their entire net long position and swung net short in CFTC commitments of traders reports these past two weeks.
Specs may now be attempting to accumulate a short position and push futures lower, possibly below levels a month and half ago. Two weeks ago, the net speculative position stood at short -1,922 lots, the shortest that group has been since early spring.
Specs added to those shorts by selling a further -5,474 lots over the past week, bringing their cumulative net short position to -7,396 futures (just more than -13,000 if you include leveraged options positions such as long puts).
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