Cocoa Daily Fundamental Analysis

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Cocoa futures on ICE Futures trading late weekend early Saturday (03/09) closed up. Strengthening cocoa prices triggered short covering ahead of the long US holiday of a weaker US jobs data. The weakening of the US Non-Farm Payrolls create expectations of US rate hike in September faded.

At the end of Saturday morning trading cocoa futures contract price in December 2016 which is the most active contract closed with a record increase was observed. Commodity prices closed slightly higher by 3 dollars or 0.10 percent at 2,900. dollars per ton. But on a weekly basis ICE cocoa prices still down -3.81 percent, largely fueled by the improved prospects for the main crops in West Africa.

It seems that the price of cocoa futures for the next trading potentially strengthened by the potential weakening of US dollar by waning expectations of US rate hike. For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the resistance level at 2,950 dollar. If the resistance level is successfully penetrated the next level is 3,000 dollars. While the level of support that will penetrate if there is a decline then towards 2,850 dollars.

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ICE Futures price of cocoa futures at the end of trading on Wednesday morning (07/09) closed up. The strengthening cocoa prices triggered weakening US dollar and tightening supply. The increase in the price of cocoa is also supported by the weakening of US dollar.

 

The dollar index was last down 1.03 percent against a basket of currencies at 94.86. The US dollar weakened amid lower prospects for the Federal Reserve to raise interest rates at its September meeting. The weakening US dollar makes dollar-based commodities cocoa becomes cheaper in other currencies.

 

The increase in the price of cocoa is also supported by tightening supplies. Dealers said the market remained supported by weak end of the 2015/16 crop year and expectations of a slow start to the 2016/17 season which starts on October 1 in Ivory Coast. Cocoa arrival at the port in top grower Ivory Coast reached around 5,000 tonnes between August 29 and 4 September, down from 22,000 tonnes in the same period last year.

 

At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract closed with a record increase was observed. The commodity price closed up $ 23 dollars at 2,923 dollars per ton. The price of cocoa futures to trade higher with sentiment further potential production deficit and the weakening of US dollar.

 

For the next trading price of cocoa futures on ICE Futures in New York has the potential to penetrate the resistance level at 2,950 dollar. If the resistance level is successfully penetrated then next level is 3,000 dollars. While the level of support that will penetrate if there is a decline is at 2850 dollars.

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ICE Futures price of cocoa futures at the end of trading on Thursday morning (08/09) closed slump. The weakening of cocoa prices triggered the strengthening US dollar. A stronger dollar makes dollar-based commodities cocoa have become more expensive in other currencies, so the demand decreases.

 

At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract was observed to be closed down. Commodity prices closed down by 0.48 percent at 2,909 dollars per ton. Analyst estimates that the price of cocoa futures for the next trade will move in the trend of limited gain with the potential of dollar weakness with waning expectations of US rate hike.

 

For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate resistance level at 2,950 dollar. If the resistance level is successfully penetrated then the next target is at 3,000 dollars. While the level of support that will penetrate if there is a weakening movement will be at 2850 dollars and then to 2,800 dollars.

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ICE Futures price of cocoa futures in late trade on Friday morning (09/09) closed slump. The weakening of cocoa prices triggered the strengthening US dollar. A stronger dollar makes dollar-based commodities cocoa have become more expensive in other currencies, so the demand decreases.

 

At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract was observed to be closed down. Commodity prices closed down by -24 dollars, or -0.83 percent at 2,885 dollars per ton.

 

So it estimated that the price of cocoa futures for the next trade will move in a limited tendency to weaken by the potential strengthening of US dollar after ECB decision. For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the support level at 2,840 dollar. While the level of resistance that will penetrate if there was a strengthening there at 2,940 dollars and 2,990 dollars.

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Cocoa futures on ICE Futures trading late weekend early Saturday (10/09) closed slump. The weakening of cocoa prices and strengthening of US dollar triggered the cancellation of export.The US dollar's rebound came after Boston Fed President Eric Rosengren said the US central bank is increasingly at risk if we wait much longer to raise interest rates, adding to pressure on cocoa on Friday.

A stronger dollar makes dollar-based commodities cocoa have become more expensive in other currencies, so the demand decreases. Cocoa prices fell to their lowest in months on Friday on news that top producer Ivory Coast can cancel and sell 200,000 to 250,000 tonnes of exports, which would encourage exporters to hedge, weighed on futures prices.

Terry Roggensack, the main founder of the Hightower Report in Chicago, said traders viewed the news as a bearish signal in the short term.They are waiting for next week's documentation of a handful of exporters, which are required to show proof that cocoa is sold.

At the end of Saturday morning trading cocoa futures contract price in December 2016 which is the most active contract closed down observed. The commodity price closed down by -4.26 percent at 2,762 dollars per ton. The drop in the price of cocoa on the weekends driven down the price of cocoa weekly to -4.76 percent.

It estimated that the price of cocoa futures for the next trade will move in a limited tendency to weaken the potential strengthening of the US dollar after the ECB decision.For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the support level at 2,710 dollar. While the resistance level which will penetrate if there was a strengthening there is at 2,810 dollars.

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ICE Futures price of cocoa futures at the end of trading on Tuesday morning (13/09) closed rebounds. Strengthening cocoa prices triggered by the weakening US dollar. The US Dollar Index down 0.24 percent against a basket of six major currencies, after dovish statement Fed Governor Lael Brainard, who stated while economic progress continues, it would be wise for the Fed to keep monetary policy loose.

A weakening US dollar makes dollar-based commodities cocoa becomes cheaper in other currencies. At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract closed with a record increase was observed. The commodity price closed up by 28 dollars, or 1.01 percent at 2,790 dollars per ton.

It estimated that cocoa futures to trade the potential strengthening further if US dollar continues to weaken with the prospect of waning US interest rate hikes. For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the resistance level at 2,840 dollar. If the resistance level is successfully penetrated the next level is 2,890 dollars. While the level of support that will penetrate if there is a decline is 2740 dollars and 2690 dollars.

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ICE Futures price of cocoa futures at the end of trading on Wednesday morning (14/09) closed slump. The weakening of cocoa prices triggered by strengthening US dollar. The US dollar index, which measures the greenback against a basket of six major currencies, was last up 0.41 percent at 95.433.

 

US dollar rose against the yen and commodities riskier currencies like the Australian dollar and New Zealand on Tuesday after the impact of dovish statements from Federal Reserve officials fading and falling crude oil prices, boosting sentiment towards the greenback. A stronger dollar makes dollar-based commodities cocoa have become more expensive in other currencies, so the demand decreases.

 

At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract was observed to be closed down. Commodity prices closed down by -8 dollars or -0.29 percent at 2,782 dollars per ton.

 

Analyst estimates that the price of cocoa futures for the next trade will move in a limited tendency to weaken by the potential strengthening of US dollar after dovish signal waning US interest rates. For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate support level at 2,730 dollar. If the Support level is successfully penetrated the next level is 2,680 dollars. While the level of resistance that will penetrate if there was a strengthening is at 2,830 dollars.

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ICE Futures price of cocoa futures at the end of trading on Thursday morning (15/09) closed up. Strengthening cocoa prices triggered by the weakening US dollar.Expectations the US Federal Reserve will raise rates at its policy meeting next week has subsided, putting pressure on the US currency, so the overnight US dollar index fell 0.23 percent against a basket of currencies.

A weakening US dollar makes dollar-based commodities cocoa becomes cheaper in other currencies.At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract closed with a record increase was observed. The commodity price closed up by 27 dollars at 2,809 dollars per ton.

Tonight will be released Data Retail Sales and Industrial Production in August that indicated weaker. If realized, it will weaken the US dollar. So the price of cocoa futures to trade higher with the potential of further dollar weakness. This commodity has the potential to penetrate resistance level at 2,850 dollar. While support level which will be penetrated if there is a decline is at 2750 dollars.

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ICE Futures price of cocoa futures in late trade on Friday morning (16/09) closed up. Strengthening the cocoa price boosted by hopes cocoa price adjustment. Ivory Coast cocoa marketing board said it would adjust the scale of the price for the 2016/17 season to offset transportation costs.

Meanwhile BMI Research commodities analyst Andrey Alexandre said in a statement that the group is neutral on the price of cocoa, estimating them to trade around the price level at the end of 2016. At the end of trading early this morning Cocoa's futures contracts in December 2016 which is the most active contract closed with a record increase was observed. Cocoa closed up $ 23 dollars or 0.82 percent at 2,832 dollars per ton.

Tonight will be released the data Inflation Consumer Sentiment August and September which indicated stronger. If realized, it will strengthen the US dollar. It estimated that Cocoa futures' rice will weaken with USD potential to strengthening itself. For the next trading Cocoa's future price has the potential to penetrate support at 2,780 dollar, while the level of resistance will be penetrated if the increase is at 2880 dollars and 2930 dollars.

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Cocoa futures on ICE Futures trading late weekend early Saturday (17/09) closed slump. The weakening of cocoa prices triggered the strengthening US dollar. Although the increase is relatively narrow, but it will give an additional impetus for the rise in US interest rates higher than the FOMC members.

A stronger dollar makes dollar-based commodities cocoa have become more expensive in other currencies, so the demand decreases and at the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract was observed to be closed down. Commodity prices closed down by -29 dollars, or -1.02 percent at 2,803 dollars per ton.But on a weekly basis, the price of cocoa was up 1.48 percent, largely supported the weakening of US dollar.

It seems that the price of cocoa futures for the next trade will move in trends is limited by the potential weakening of US dollar strengthening after strong US inflation data. For the next trading price of cocoa futures on ICE Futures has the potential to penetrate support at 2,750 dollar . If the Support level is successfully penetrated the next level is 2,700 dollars. While the level of resistance that will penetrate if there was a strengthening there at 2,850 dollars.

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ICE Futures price of cocoa futures at the end of trading on Tuesday morning (20/09) closed strengthening its position. Strengthening cocoa prices triggered by the weakening US dollar where The US dollar index fell 0.20 percent after expectations that the Bank of Japan action this week will not weaken the yen and the Federal Reserve will hold US interest rate hikes.

A weakening US dollar makes dollar-based commodities cocoa becomes cheaper in other currencies.ee: At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract closed with a record increase was observed. Commodity prices closed significantly increased by 69 dollars, towards 2,872 dollars per ton.

Analyst estimates that the price of cocoa futures to trade higher with the potential to further dollar weakness. For the next trading price of cocoa futures has the potential to penetrate resistance at 2,920 dollar . If the resistance level is successfully penetrated the next level is 2,970 dollars. While the level of support that will penetrate if there is a decline is at 2820 dollars.

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ICE Futures price of cocoa futures at the end of trading on Wednesday morning (21/09) closed slump. The weakening of cocoa prices triggered an improving outlook for the cocoa plant. The weakening of the price of cocoa futures triggered an improving outlook for the main crop in Ivory Coast.

 

Abundant rain and sun last week in most major regions Ivory Coast cocoa crop will increase the yield from October to March main crop cocoa, according to farmers, on Monday. At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract was observed to be closed down.

 

Commodity prices closed down by -6 dollar or -0.21 percent at 2,866 dollars per ton. Cocoa futures for the next trade will move in the trend of limited gain after the fading US rate hike. For the next trading price of cocoa futures has the potential to penetrate resistance at 2,920 dollar. If the resistance level is successfully penetrated is 2,970 dollars. While the support level will be faced if decline happened is at 2820 dollars and 2770 dollars.

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Cocoa futures at the end of trading on Thursday morning (22/09) closed with the price rise to higher level. Strengthening cocoa prices triggered by dollar weakness after the Fed's decision to keep interest rates the US and concerns the production of Ghana. The US Federal Reserve kept interest rates unchanged at Thursday's meeting this morning (22/09) but give a strong signal to the tightening of monetary policy by the end of this year as the labor market improves further.

The increase in cocoa prices also triggered fears of a decrease in crop production in Ghana. Rainfall is not evenly distributed in West Africa threatens cocoa production in Ghana because conditions remain too dry in the second largest producer in the world, according to hedge fund Armajaro Asset Management LLP.

West and northwest region of Ivory Coast received good rainfall while the eastern and western part of Ghana had very poor rains. Harmattan wind worst in three decades to slash production in West Africa in the season ending Sept. 30 as the Sahara desert winds dry the cocoa plant. Ghana cocoa production would miss its target for the third year in 2015-16 as a lack of rainfall mean that farmers will harvest 790,000 metric tons, 7.1 percent less than the government forecast.

At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract closed with a record increase was observed. The commodity price closed up by 0.38 percent at 2,877 dollars per ton.

Cocoa futures to trade higher with the potential to further dollar weakness. For the next trading price of cocoa futures on ICE Futures has the potential to penetrate the resistance level at 2,930 dollar. If the resistance level is successfully penetrated then next level is 2,980 dollars. While the level of support that will penetrate if there is a decline is at 2830 dollars and 2780 dollars.

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ICE Futures price of cocoa futures in late trade on Friday morning (23/09) closed with strong position. Strengthening cocoa prices triggered by tightening of supply.Cocoa futures were higher, supported by short-term supply tightness with the slow start is anticipated for the main crop season which starts at the top grower Ivory Coast next month.

At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract closed with a record increase was observed. The commodity price closed up with around 43 dollars or 1.49 percent at 2,920 dollars per ton.

Analyst estimates that the price of cocoa futures for subsequent trade and the potential to strengthen with the weakening potential of US dollar and tightening supply.The pprice may penetrate the resistance level at 2,970 dollar positions. While the level of support that will penetrate if there is a decline is at 2870 dollars and 2820 dollars.

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Cocoa futures on ICE Futures trading late weekend early Saturday (24/09) closed slump. The weakening of cocoa prices triggered rising cocoa crop prospects. "Closing a brief rally has ended in cocoa and we have seen a trend back down towards the allegedly better harvest in November, December," said one trader.

 

Abundant rain and sun in most areas of the major cocoa grower Ivory Coast seems to have improved prospects for the 2016/17 main crop in the world's top manufacturers. Global cocoa production is expected to increase in the coming season, which begins on October 1, has the potential to bring the market into a surplus after deficits are sizeable in 2015/16.

 

At the end of trading last Saturday morning the price of cocoa futures contracts in May 2017 which is the most active contract closed down observed. The commodity price closed down by -61 dollars, or -2.12 percent at 2,816 dollars per ton. Analyst estimates that the price of cocoa futures for the next trade will move in the trend of limited gain potential dollar weakness also able to penetrate the resistance level at 2.870 dollar.

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Cocoa futures on ICE Futures trading late Tuesday morning (27/09) was closed down. Weakening prices triggered by cocoa surplus forecast global cocoa production. "The forecast for the next season is quite positive, at least with regard to the most important region of West Africa," said Michaela Kuhl, an analyst at Commerzbank.

Abundant rain and sun in most areas of the main cocoa crop Ivory Coast seems to have improved prospects for the 2016/17 main crop in the world's top grower. At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract was observed to be closed weakened. Commodity prices closed down by -7 dollars or 0.25 percent at 2,845 dollars per ton.

It estimated that Cocoa futures price for the next trade will move in the trend of limited gain potential of dollar weakness. For the next trading price of cocoa futures has the potential to penetrate the resistance level at 2,900 dollar. While support level which may be penetrated if there is a weakening movement is at 2,800 dollars.

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Cocoa futures price on ICE Futures at the end of trading on Wednesday morning closed with the higher prpice or was rising up. Strengthening cocoa prices triggered by declining yields. Cocoa prices rose after the buyers said a major producer Ivory Coast in the 2016-17 season face a slow start to the cocoa beans arrive at the port ahead of the new trading period, due to the mid-crop harvest was poor.

At the end of trading early this morning Cocoa futures contracts in December 2016 which is the most active contract closed with a record increase was observed. The commodity price closed up $ 23 dollars or 0.81 percent at 2,868 dollars per ton. Tonight will be released August Durable Goods Orders data is indicated weakened. If realized, it will weaken the US dollar.

The price of cocoa futures for the next trading potentially strengthened by the potential weakening US dollar and tightening supply. For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the resistance level at 2,920 dollar. If the resistance level is successfully penetrated the next level is 2,970 dollars. While the level of support that will penetrate if there is a decline is at 2820 dollars.

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The price of cocoa futures on ICE Futures at the end of trading on Thursday morning (29/09) was closed down. Weakening prices triggered cocoa surplus forecast global cocoa production.Cocoa futures fell as traders look ahead to the potential surplus of cocoa in the world. The rain has increased in the area of ​​cocoa plants, and traders have begun to shed their bullish bets in cocoa. 

"Rainfall has increased moisture levels," said Commerzbank in a note. "This raises the prospect of major crops, harvest is about to start, and after a deficit in the current season is almost over, raising hopes of the first good supply of cocoa." . Estimated surplus in the market for the 2016-17 season to 200,000 tons.

At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract was observed to be closed down. Commodity prices closed down by -43 dollars, or -1.50 percent at 2,825 dollars per ton. So the price of cocoa futures for the next trade will move in a limited tendency to weaken the potential strengthening of the US dollar.

For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the support level at 2,775 dollar. While the level of resistance that will penetrate if there is a weakening at 2875 dollars and 2925 dollars.

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ICE Futures price of cocoa futures in late trade on Friday morning (30/09) was closed down. The weakening of cocoa prices triggered a woryness that there will be a lower China's demand. Cocoa futures fell sharply as some traders long attracted their positions ahead of a long holiday in China where expectations of weak global demand.

At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract observed closed down. The commodity price closed down by -97 dollars, or -3.43 percent at 2,728 dollars per ton. Cocoa futures trading will move to weaken further limited by fears of weakening demand in the Chinese market off next week.

For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate support level at 2,680 dollar If the Support level is successfully penetrated the next level is 2,630 dollars. While the level of resistance that will penetrate if there is a weakening at 2,780 dollars.

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Cocoa futures price on ICE Futures last trading on weekend early Saturday closed up. Strengthening cocoa prices triggered by an increase in the price of cocoa at Ivory Coast and Ghana. Ghana, the second largest cocoa producer in the world, will increase the minimum price paid to farmers for their beans by 12 percent from the previous season.

 

Ghana raised the price after neighboring Ivory Coast, the largest grower, the world improve farmers' payments by 10 percent for the new season.At the end of trading early this morning the price of cocoa futures contracts in December 2016 closed with a record increase was observed. The commodity price closed up by 1.21 percent at 2,761 dollars per ton.

 

In the weekly price of cocoa slumped -3.19 percent, largely triggered forecasts of production surplus and weakening demand. While the monthly price of cocoa is getting dropped 4.19 percent, largely triggered by the cancellation of the export which happened three weeks ago, also the strengthening of US dollar.

 

Cocoa's futures price will weaken with the potential strengthening of US dollar. For the next trading price of cocoa futures on ICE Futures New York could potentially fall through the level of support at 2.710 dollars. While the level of resistance that will penetrate if there is an increase is at 2,810 dollars and then 2,860 dollars.

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Cocoa price on ICE Futures continues finished up. Strengthening cocoa prices continue to be driven an increase in the price of cocoa in Ivory Coast and Ghana. Ghana, the second largest cocoa producer in the world, will increase the minimum price paid to farmers for their beans by 12 percent from the previous season.

Ghana raised the price after neighboring Ivory Coast, the largest grower, the world improve farmers' payments by 10 percent for the new season. At the end of trading early this morning the price of cocoa futures contracts closed with a record increase was observed. Cocoa futures closed up by 32 dollars, or 1.16 percent at 2,793 dollars per ton.

Cocoa futures for the next trade will weaken with the potential strengthening of US dollar. For the next trading price of cocoa futures on ICE Futures New York could potentially fall through support at 2740 dollars. While resistance that will penetrate if there is an increase is at 2,840 dollars and 2,890 dollars.

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ICE Futures price of cocoa futures at the end of trading on Wednesday morning (05/09) closed up. Strengthening cocoa prices triggered tightening worries cocoa plant disruption due to rain. Torrential rains took place last week in most major regions Ivory Coast cocoa crop, improve crop development but caused some farmers fear of flooding and disease when they begin to harvest.

At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract closed with a record increase was observed. The commodity price closed up by 22 dollars, or 0.79 percent at 2,815 dollars per ton. Tonight will be released economic data Adp September Employment Change, ISM Non-Manufacturing PMI September, exports and imports rose in August indicated. If realized, it will strengthen the US dollar.

Analyst estimates that the price of cocoa futures for the next trade will weaken with the potential strengthening of US dollar and has the potential to break support at 2,765 dollars. If the Support level is successfully penetrated then next level is 2,715 dollars. While the level of resistance that will penetrate if there is an increase is at 2,865 dollars and 2,915 dollars.

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Coca futures price at the end of trading on Thursday morning (06/10) closed up. Strengthening cocoa prices triggered by a decline in exports. Cocoa warehouse delivery of the principal growing region of Brazil fell 36 percent from May 1 to October 2, compared with the same period the previous year.

At the end of trading early this morning the price of cocoa futures contracts in December 2016 which is the most active contract closed with a record increase was observed. The commodity price closed up by 21 dollars or 0.75 percent at 2,836 dollars per ton. Tonight will be released Continuing Jobless Claims Initial Jobless Claims and indicated increases. If realized, it will depress the US dollar.

Analyst estimates that the price of cocoa futures for the next trading potentially strengthened by the potential weakening of the US dollar. For the next trading price of cocoa futures may penetrate the resistance level at 2,890 dollar. If the resistance level is successfully penetrated the next level is 2,940 dollars. While the level of support that will penetrate if there is a decline is at 2790 dollars and 2740 dollars.

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ICE Futures price of cocoa futures in late trade on Friday morning (07/10) closed slump. The weakening of cocoa prices triggered by strengthening US dollar. This currency seems at its highest in more than two months against a basket of currencies after a drop in US jobless claims reinforced the view that the Fed will raise interest rates later this year.

A stronger dollar makes dollar-based commodities cocoa have become more expensive in other currencies, so the demand decreases. At the end of trading early this morning the price of cocoa futures was observed to be closed down. Commodity prices closed sharply by -41 dollars, or 1.48 percent at 2,738 dollars per ton.

Analyst estimates that the price of cocoa futures for the next trade will move in a limited tendency to weaken since there is a potential strengthening of the US dollar. For the next trading price of cocoa futures has the potential to penetrate support at 2,690 dollar. The resistance which will be meet if the price rise is at 2790 dollars.

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Cocoa futures on ICE Futures trading late weekend early Saturday (08/10) closed flat. Flat movement triggered rising price of cocoa grinding cocoa production in Ivory Coast. Companies grinding cocoa at the port of San Pedro Ivory Coast estimates the current annual capacity of 50,000 tons by 25 to 50 percent within the next three years, helped by new tax measures, according to the CEO, on Friday.

ICP is one of 12 mills in the West African country that has a combined annual capacity of 720,000 tons. But most produce 60 to 80 percent of it, and the production has been much reduced due to poor quality beans this year. Ivory Coast government announced reducing export taxes several months ago in an effort to encourage and reward the production of large companies that grind locally. It aims to grind half of domestic production in 2020, up from about a third now.

Analyst estimates that the price of cocoa futures for the next trade will move in a limited tendency by the weakening US dollar after weak US jobs data. For the next trading Cocoa's futures on ICE Futures has the potential to penetrate the resistance level at 2.835 dollar positions. If the resistance level is successfully penetrated the next level is 2,885 dollars. While the level of support that will penetrate if there is a weakening is at 2,735 dollars and 2,685 dollars.