Cocoa Daily Fundamental Analysis

[myregister]

ICE Futures price of cocoa futures at the end of trading on Tuesday morning (11/10) closed down. The weakening of cocoa prices triggered the strengthening US dollar. The dollar index, which measures the dollar against a basket of currencies, rose 0.40 percent at 96.90. Strengthening of the US dollar after the second US Presidential candidate debate tends memberiakn Clinton win over Trump.

 

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 was observed to be closed down. The commodity price closed down by 128 dollars towards 2,657 dollars per ton.

 

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 Cocoa price has the potential to penetrate support level at 2,600 dollar. If the Support level is successfully penetrated the next level is 2,550 dollars. While the level of resistance that will penetrate if there was a strengthening there at 2,700 dollars and 2,750 dollars.

[myregister]

ICE Futures price of cocoa futures at the end of trading on Thursday morning (13/10) closed weak. The weakening of cocoa prices triggered the strengthening US dollar. The dollar index, which measures the dollar against a basket of currencies, rose after the minutes of the Fed meeting strengthens the possibility of higher US interest rates in December

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. The commodity price closed down by 0.83 percent at 2,643 dollars per ton.

Analyst estimates that the price of cocoa futures for the next trade will move in a limited tendency to weaken the potential strengthening of US dollar For the next trading price of cocoa futures has the potential to penetrate the support level at 2,590 dollars. If the Support level is successfully penetrated the next level is 2,540 dollars. While the level of resistance that will penetrate if there was a strengthening there at 2,690 dollars and 2,740 dollars.

[myregister]

Cocoa futures price on ICE closed up on Friday morning. Strengthening cocoa prices triggered bargain hunting traders. Bargain hunting fueled positive sentiment stronger demand for cocoa in Europe.

Buying also supported the increase in the price of cocoa in Ghana. Ghana Cocoa Board (COCOBOD) has reviewed to increase the producer price of cocoa for the 2016/2017 season. At the end of trading early this morning the price of cocoa futures contracts closed with a record increase was observed. The commodity price closed up by 53 dollars, or 2.01 percent at 2,696 dollars per ton.

Analyst estimated the price of Cocoa will will weaken with the potential strengthening of US dollar. For the next trading it has the potential to break support level at 2,650 dollars. If the Support level is successfully penetrated the next level is 2,600 dollars. While the resistance level which will be penetrated if somehow the price rise is at 2750 dollars.

[myregister]

Cocoa futures on ICE Futures trading end (15/10) closed up. Strengthening the cocoa price hike triggered by the price of cocoa in Ghana. Ghana Cocoa Board (COCOBOD) has reviewed, the increase in producer price of cocoa for the season 2016/2017.

 

A statement issued in Accra and copied to the Ghana News Agency, said the Council had then announced the new price of cocoa for cocoa season classify it at GH ¢ 470 per bag of 64kg gross weight. Statement signed by Dr. Stephen Kwabena Opuni, Chief Executive Officer of COCOBOD, said the new tariffs for cocoa prices come into effect from October 1.

 

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 0.82 percent at 2,718 dollars per ton. Weekly cocoa prices plummeted 2.41 percent, largely eroded by the strengthening US dollar.

 

Analyst estimates that the price of cocoa futures for the next trade will weaken with the potential strengthening of the US dollar and has the potential to break the support at 2,670 dollars. If the Support level is successfully penetrated the next level is 2,620 dollars. While the resistance level will be penetrated if the price rise is at 2770 dollars and 2820 dollars.

[myregister]

Cocoa futures price on ICE futures at the end of trading on Tuesday morning (18/10) closed weak. The weakening of cocoa prices triggered large harvest in West Africa. 

West African cocoa crop region in the world, started twice penen larger, and analysts expect a production increase due to better rains that have supported growth.

 

The first harvest, earlier this year, following an attack produces small seeds dry weather in the region. But concerns about plant diseases occur in top producer Ivory Coast. A disease that causes fruit rot caused by heavy rains in the west and south-west of Ivory Coast has been damaged about a fifth of the cacao plant, the buyer is delivered on Friday.

 

The arrival of cocoa in Ivory Coast ports reached approximately 98,000 tons on Oct. 16 since the start of the season on October 1, exporters estimated on Monday, down from 145,000 tonnes in the same period of the previous season.

 

Analyst estimates that the price of cocoa futures for the next trade will move in trends is limited by fears of attacks rose plants to lower production. For the next trading Cocoa has the potential to penetrate resistance level at 2,680 dollar. If resistance level is successfully penetrated then next level is 2,730 dollars. While support level that will penetrate if there is a decline is at 2580 dollars.

[myregister]

Cocoa futures at the end of trading on Wednesday morning closed up. Strengthening cocoa prices triggered fears of production disruption cocoa plants. Cocoa farmers in Ivory Coast said the outlook for the 2016-17 season well but they fear a repeat of last season's severe Harmattan winds could weaken the production.

 

Abundant rain and sun last week in some of the main cocoa growing state will help the tree to reach their full potential for the October to March, but some farmers also complained about the flood. 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 8 dollars or 0.30 percent at 2,698 dollars per ton.

 

Cocoa futures to trade potentially weakening further limited by the potential strengthening of the US dollar and tightening supply. It has the potential to penetrate support level of 2,650 dollar. If the Support level is successfully penetrated the next level is 2,600 dollars.

[myregister]

Cocoa futures price on ICE Futures at the end of trading on Thursday morning (20/10) closed up. Strengthening cocoa prices as the market awaited data is grinding the third quarter for North America are scheduled to be published on Thursday. Traders and analysts expect a rise year-on-year of about two to three percent following a 2.9 percent rise in third-quarter European milling.

 

At the end of trading early this morning Cocoa's price contracts in December 2016 which is the most active contract closed with a record increase was observed. The commodity price closed up by 26 dollars, or 0.96 percent at 2,724 dollars per ton.

 

Analyst estimates that Cocoa futures for the next trade will examine data releases North American mills that if the increase will strengthen the price of cocoa and potentially penetrate resistance level at 2,770 dollar.

[myregister]

Price of cocoa futures on ICE in late trade on Friday morning (21/10) closed weak. Weakening prices triggered cocoa grinding results in Asia session that do not support stronger prices. Overnight, the Cocoa Association of Asia reported that the grinding Asia climbed 12.5% in the third quarter from the same period last year to 167 737 metric tons. But the news was not enough to boost prices, with Europe and North America are the two largest areas that consume cocoa.

 

Milling refers to the volume of cocoa beans processed into butter and powder used to make chocolate and is often used as an indicator for chocolate demand. The market will await a grinding cocoa third quarter for North America. Traders expected an increase of 2-3 per cent, with the data set to be released today.

 

At the end of trading early this morning Cocoa's price was observed to be closed down. The commodity price closed lower at -7 dollars, or 0,26 percent at 2,717 dollars per ton. Cocoa futures for the next trade will move in the trend of limited gain if the result of increased realized North American mills.

 

For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the resistance level at 2,770 . If the resistance level is successfully penetrated the next level is 2,820 dollars. While the level of support that will penetrate if there is a decline is at 2670 dollars and 2620 dollars.

[myregister]

Cocoa futures on ICE futures at the end of trading on Tuesday morning closed weak. Weakening prices triggered an increase cocoa production in Ivory Coast. Rain mixed with the sun in most of the main growing areas of cocoa in Ivory Coast will help generate more of the major crops more than a year ago, according to the farmer.

 

The main crop harvesting and marketing of the October-to-March is underway in the world's main cocoa producer. Cocoa beans are dried up in the villages and the increasing number of cars that transport them out of the countryside. 

 

There are already enough cocoa beans in the trees to ensure a good harvest until December, said the farmer. Weather in the next few weeks will determine how the harvest in January and February. At the end of trading early this morning the price of cocoa futures contracts  was observed to be closed down. The commodity price closed lower by 0.73 percent at 2,705 dollars per ton.

 

Analyst estimates that the price of cocoa futures for the next trade will move in a limited tendency to strengthen the weakening US dollar. For the next trading price of cocoa futures on ICE Futures New York has the potential to penetrate resistance level at 2,750 dollars. If the resistance level is successfully penetrated the next level is 2,800 dollars.

[myregister]

Price of cocoa futures at the end of trading on Wednesday morning on ICE closed up. Strengthening cocoa prices encouraged bargain hunting after the price of cocoa weakened yesterday and also anxiety disorders cocoa crop production.

Rain mixed with the sun in most of the main cocoa growing region in Ivory Coast will help produce bigger crops in October-March. But concerns linger arise if these conditions can make the ravages of the disease.

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 30 dollars or 1.11 percent at 2,735 dollars per ton.

For the next trading price of cocoa futures on ICE Futures New York would potentially penetrate the resistance level at 2,785 dollar. If the resistance level is successfully penetrated then the next level is 2,835 dollars. While the level of support that will penetrate if there is a weakening are at 2,685 dollars and 2,635 dollars.

[myregister]

Cocoa futures price on ICE Futures in late trading Thursday morning (27/10) closed up. Strengthening cocoa prices triggered weakening US dollar. The dollar index slipped after rising as high as 99.119 on Tuesday, its highest level since 1 February, largely driven by expectations of a US interest rate hike in December.

 

A weaker dollar makes commodities cocoa are priced in dollars become cheaper in other currencies and at the end of trading, the price of cocoa futures contract in December 2016, which is the most active contract was closed with an increase. The commodity price closed up by 34 dollars or 1.24 percent at 2,769 dollars per ton.

 

Cocoa futures for the next trade will weaken by US dollar strengthening. This commodity has the potential to penetrate the support level at 2,720 dollar. If the Support level is successfully penetrated the next level is 2,670 dollars.

[myregister]

Cocoa futures on ICE Futures trading late weekend early Saturday (31/10) closed under bullish sentiment. Strengthening cocoa prices triggered by the weakening US dollar. With this 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 24 dollars, or 0.88 percent at 2,756 dollars per ton. ICE cocoa prices on a weekly basis is still positive, up 1.14 percent, supported the weakening US dollar and bargain hunting investors.

 

Tonight will be released the data Personal Income and Personal Spending US September indicated increased. If realized, it will strengthen the US dollar.

 

Price of cocoa futures for the next trade will weaken by US dollar strengthening. For the next trading it has the potential to penetrate the support level at 2,710 dollar and if support level is successfully penetrated the next level is 2,660 dollars.

[myregister]

Cocoa futures prices on ICE Futures in late trading Thursday on Wednesday (03/11) closed up. Strengthening of cocoa prices triggered by weakening  U.S. dollar. Dollar index slipping after U.S. Fed maintain interest rates unchanged. The weakening of US dollar made commodities cocoa based cheaper in other currencies.

 

At the end of the trading day price of cocoa futures contract last December 2016 which is observed most active contract closed with registered an increase. The commodity prices closed rose by 13 percent in dollar or 0.48 position 2,709 dollars per tonne.

 

Analysts estimate Cocoa futures to trade the next potentially strengthened by the weakening of the U.S. dollar and the potential to penetrate the Resistance level at 2,750 dollars. If the Resistance level is successfully penetrated the next level is 2,800 dollar.

[myregister]

Price of cocoa futures in late trade on Friday morning closed weak. The weakening of the cocoa price triggered concern the decline in demand. Victor Balli, chief financial officer for the chocolate maker Barry Callebaut, told Reuters that the deficit cocoa relatively little last year and this year surplus still looks relatively small. 

He stated whether the chocolate market will recover and will fuel demand. Also needs to be seen whether the main crops in West Africa will then be as good as it appears to this stage. At the end of trading early this morning the price of cocoa futures contracts in December 2016 which closed lower about 0.15 percent at 2,705 dollars per ton.

Price of cocoa futures for the next trade will move in the trend of weakening limited by the strengthening 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 2,650 dollar positions.

[myregister]

Cocoa futures on ICE Futures trading late weekend early Saturday (05/11) closed down. The weakening of the cocoa price forecasts triggered a drop in demand. Cocoa crop in West Africa, where most of the world's supply comes already reported good production. Weather in West Africa has featured a lot of rain so the production of West Africa in the end strong.

 

The spread between December and March New York cocoa futures fell sharply in the previous session, out of more than $ 95 per ton to less than $ 70, and declining to $ 57 per ton on Friday. At the end of trading last Saturday morning, cocoa futures contracts in March 2017 which is the most active contract closed down observed and closed down by 3.84 percent at 2,532 dollars per ton.

 

The drop in cocoa prices has further weakened the weekend cocoa prices on a weekly basis, resulting in dropped by -4.38 percent. Analyst even have some estimations that the price of Cocoa on ICE for the next trade will move in the trend of weakening limited by the strengthening US dollar.

[myregister]

Cocoa futures on ICE Futures trading late Wednesday morning (09/11) closed up. Strengthening cocoa prices triggered marketing decisions Coffee and Cocoa Council (CCC) of the Ivory Coast which delay cocoa further sales.

 

Coffee and Cocoa Marketing Board (CCC) Ivory Coast, further delaying the sale of the 2017/18 crop in the world's top farmers amid falling world prices, CCC and the source of the Ministry of Finance said Tuesday.

 

London and New York cocoa futures have declined since August and has fallen sharply since the beginning of November. New York cocoa reached its lowest level in more than three years on Monday, although prices in New York and London are edging up slightly on Tuesday.

 

At the end of trading early this morning the price of cocoa futures record increase was observed. The commodity price closed up by 20 dollars, or 0.82 percent at 2,465 dollars per ton. It has potential to strengthened by the weakening US dollar and for the next trading price has the potential to penetrate resistance level at 2,520 dollar.

[myregister]

Cocoa futures on ICE Futures trading late Wednesday morning (09/11) closed up. Strengthening cocoa prices triggered marketing decisions Coffee and Cocoa Council (CCC) of the Ivory Coast which delay cocoa further sales.

 

Coffee and Cocoa Marketing Board (CCC) Ivory Coast, further delaying the sale of the 2017/18 crop in the world's top farmers amid falling world prices, CCC and the source of the Ministry of Finance said Tuesday.

 

London and New York cocoa futures have declined since August and has fallen sharply since the beginning of November. New York cocoa reached its lowest level in more than three years on Monday, although prices in New York and London are edging up slightly on Tuesday. At the end of trading early this morning the price of cocoa futures record increase was observed.

 

The commodity price closed up by 20 dollars, or 0.82 percent at 2,465 dollars per ton. It has potential to strengthened by the weakening US dollar and for the next trading price has the potential to penetrate resistance level at 2,520 dollar.

[myregister]

Cocoa futures at the end of trading on Thursday morning (10/11) closed weak. The weakening of cocoa prices triggered an increase in cocoa crop prospects in West Africa. Cocoa futures were lower with improved prospects for crops in West Africa continue to weigh on prices.

Cocoa Ivory Panatai have processed 41,000 tonnes of ore in late October since the 2016/17 season began on October 1, up from 40,000 tonnes in the same period last season, GEPEX exporters association data showed on Wednesday. At the end of trading early this morning Cocoa futures contracts in March 2017 which is the most active contract was observed to be closed down about 0.57 percent at 2,451 dollars per ton.

Analyst estimates that the price of cocoa futures for the next trade will move in a limited tendency to weaken the strengthening of the US dollar after the election of Donald Trump as president. For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the support level at 2,400 dollar positions

[myregister]

Cocoa futures in late trade on Friday morning (11/11) closed weak. The weakening of cocoa prices triggered the strengthening US dollar. The US Dollar rose significantly against a basket of major currencies, touched its highest level in more than two weeks and hovering just below a level last seen in early February.

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 March 2017 which is the most active contract was observed to be closed down. Commodity prices closed down by 0.41 percent at 2,441 dollars per ton.

Analyst estimates 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. This commodity may penetrate the support level at 2.390 dollar . If the Support level is successfully penetrated the next level is 2,340 dollars.

[myregister]

ICE Futures price of cocoa futures at the end of trading on Tuesday morning (15/11) closed weak. The weakening of cocoa prices triggered a stronger dollar and rising crop prospects in West Africa.A stronger dollar makes dollar-based commodities cocoa have become more expensive in other currencies, so the demand decreases.

 

Light rain mixed with sunny weather last week in most of Ivory Coast cocoa-growing area of ​​strengthening the prospects for the main crop, which is expected to exceed last season farmers statement said on Monday. At the end of trading early this morning the price of cocoa futures contracts in March 2017 which is the most active contract was observed to be closed down.

 

Commodity prices closed down by 2.14 percent at 2,418 dollars per ton. Tonight will be released Data Retail Sales in October the US that indicated declining. If realized, it will depress the US dollar.

 

Cocoa futures for the next trade will move in the trend of limited gain potential dollar weakness, and for the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the resistance level at 2,470 dollar. If the resistance level is successfully penetrated the next level is 2,520 dollars.

[myregister]

Cocoa futures in late trade on Friday morning (18/11) closed up. Strengthening cocoa prices encouraged bargain hunting after cocoa prices had touched a low of 3 years. Bargain hunting triggered by news that the outcome of cocoa beans in Ivory Coast still below expectations.

Ivory Coast and Ghana, which produces most of the world cocoa, entering the main crop harvest, the larger of the two annual crop cycle. Purchase of Ghana cocoa beans have been strong so far, said Price Futures Group in Chicago, but the arrival of Ivory Coast cocoa beans so far below expectations.

At the end of trading early this morning the price of cocoa futures contracts in March 2017 which is the most active contract closed with a record increase. The commodity price closed up by 0.33 percent at 2,419 dollars per ton. Earlier, the price had fallen to a level of $ 2,358 per ton, the lowest intraday price for a most-active contract since August 6, 2013.

Cocoa futures to trade potentially weakening further limited by the potential strengthening of the US dollar. For the next trading price of cocoa futures on ICE Futures would potentially penetrate support level at 2.370 dollar. If the Support level is successfully penetrated the next level is 2,320 dollars.

[myregister]

Cocoa futures on ICE Futures trading late weekend early Saturday (19/11) closed up. New York cocoa futures prices consolidated after slumping to its lowest level in more than three years on Thursday weighed by increased crop prospects in West Africa which reinforced expectations there will be a global surplus in 2016/17.

At the end of trading early this morning Cocoa futures contract closed with a record increase was observed. The commodity price closed up by 6 dollars or 0.25 percent at 2,425 dollars per ton. ICE cocoa prices on a weekly basis fell 1.86 percent, largely depressed strengthening US dollar and the estimated global production surplus 2016/17.

Cocoa futures potentially weakening further limited by the potential strengthening of the US dollar. For the next trading price of cocoa futures on ICE Futures New York would may break the support level at 2,375 dollars. If the Support level is successfully penetrated the next level is 2,325 dollars.

[myregister]

ICE Futures price of cocoa futures at the end of trading on Thursday morning (24/11) closed down slightly. The weakening of cocoa prices triggered an increase in cocoa crop prospects in West Africa.

Cocoa futures were lower with improved crop projection in the top grower Ivory Coast so as to maintain a defensive market. In 2017, Rabobank Outlook report predicted global cocoa surplus in the second row in 2017-18. At the end of trading early this morning the price of cocoa futures was observed to be closed down. The commodity price closed down slightly by 1 dollars at 2,439 dollars per ton.

For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the support level at 2.390 dollar . If the Support level is successfully penetrated the next level is 2,340 dollars.

[myregister]

Cocoa futures on ICE Futures trading late weekend early Saturday (26/11) was closed down. Weakening prospects for increased cocoa prices triggered global surplus outlook for cocoa plants.

Dealers said that conditions remain favorable for crops in West Africa and that many of the estimated global surplus for the 2016/17 season.

At the end of trading early this morning the price of cocoa futures contracts in March 2017 which is the most active contract was observed to be closed down. The commodity price closed lower at -24 dollars, or -0.98 percent at 2,415 dollars per ton.

For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the support level at 2,365 dollar positions. If the Support level is successfully penetrated the next level is 2,315 dollars.

[myregister]

Cocoa futures on ICE Futures trading late Tuesday morning closed down slightly. Weakening prices triggered an increase cocoa production in West Africa and the weakening demand in Europe. Cocoa futures fell to their larger production in West Africa and reports of weakening demand, particularly in Europe, with the bearish sentiment that has been seen in the grind data is weak in recent quarters.

Trade market and the new crop harvest is underway. Ghana purchasing reports have been good so far, but the arrival of the Ivory Coast has been less than expected. Weather in West Africa has featured a lot of rain, and powerful production. Production from the area has been high and is likely to be higher. Conditions in the growth of almost all the main production area is better than the previous year.

At the end of trading early this morning the price of cocoa futures was observed to be closed down. Commodity prices closed slightly lower around 0.54 percent at 2,402 dollars per ton.

For the next trading price of cocoa futures on ICE Futures US in New York has the potential to penetrate the support level at 2,350 dollars. If the Support level is successfully penetrated the next level is 2,300 dollars