Most-active Dec-22 NY cocoa broke above its short-term trading range Tuesday, closing at a two-week low above its 20-day average and retracement resistance below $2,340. The contract is now in the lower end of its four-month range—excluding a brief dip to its $2,243 contract [...]
On Friday, Sep. 26, the most active Dec-22 NY cocoa contract closed below the lower Bollinger Band and prior retracement support below $2,290. The contract traded lower still Monday to a fresh low of $2,243 and tested key psychological support around $2,200 on additional [...]
The most recent Commodity Futures Trading Commission (CFTC) report showed that large speculators sold close to 18,000 long futures contracts, reducing their total net length (futures only) to a nominal 126 total contracts. Including futures and options, the large spec category is now net [...]
Several weeks of speculative fund liquidation has seen cocoa prices correct nearly $400 per MT lower over the past month. This move lower in futures, with prices down 15 percent, was accompanied by large speculative funds selling sold off nearly two-thirds of their long [...]
Three weeks ago, speculative fund longs in cocoa surged, sending their total net position up just short of 50,000 net longs. At 48,301 net contracts, this is the longest these traders have been since March earlier this year. They raised their longs by some [...]
On Wednesday, Jul 28, nearby Sep-21 NY cocoa closed above retracement resistance near $2,400 and $2,410 after a seven-session rally. The contract briefly tested retracement resistance and the upper Bollinger Band around $2,450 but settled instead below the mid-July high of $2,430. The contract may [...]
This past week’s CFTC report showed that funds had liquidated half of their remaining futures this past week, taking net positions to their lowest in nearly nine months. Abundant rains are improving the prospects for the upcoming West African main crops, and lower than [...]
Inflation-related volatility continues to impact commodity pricing, and cocoa is seeing recent price weakness on fund liquidation. Since their mid-May highs, cocoa futures have fallen nearly $200 per MT or nearly a tenth on position liquidation ahead of the July contract expiration. With futures [...]
