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Rich Asplund

SHOCKING: Cocoa price recover on technical short covering - You Need To See This

Ice London ICCO NY

December ICE NY cocoa (CCZ24) today is up +21 (+0.31%), and December ICE London cocoa #7 (CAZ24) is up +50 (+0.97%).

Cocoa prices today recovered from early losses and are moderately higher as oversold conditions in cocoa futures sparked technical short covering.  Cocoa prices have slumped over the past week, with NY cocoa posting an 8-month nearest-futures low today and London cocoa posting a 3-week low.  Harvest pressures in the Ivory Coast are undercutting cocoa prices.  Monday's government data showed that Ivory Coast farmers shipped 192,804 MT of cocoa to ports from October 1 to October 20, up +12.9% from 170,794 MT shipped the same time last year.  The Ivory Coast is the world's largest cocoa producer.  

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